Section 733.220 - Establishment and regulation of separate accounts to fund life insurance or annuities(1) A domestic insurer authorized to transact life insurance may establish one or more separate accounts and may allocate thereto amounts, including but not limited to proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities or benefits incidental thereto, payable in fixed or variable amounts or both.(2) The income, gains and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account without regard to other income, gains and losses of the insurer.(3) Except with the approval of the Director of the Department of Consumer and Business Services, and under the conditions the Director may prescribe as to investments and other matters that shall recognize the guaranteed nature of the benefits, assets representing reserves for benefits guaranteed as to dollar amount and duration, and for funds guaranteed as to principal amount or stated rate of interest, shall not be maintained in a separate account.(4) Unless otherwise approved by the director, and notwithstanding ORS 733.160 or 733.165, assets allocated to a separate account shall be valued at their market value on the date of valuation. If there is no readily available market, they shall be valued as provided under the terms of the policy, the rules or other written agreement applicable to the separate account. Except as may be otherwise prescribed by the director under subsection (3) of this section, however, the portion if any of the assets of a separate account equal to the insurer's reserves for guaranteed benefits and funds shall be valued in accordance with the rules applicable to the insurer's general assets.(5) Amounts allocated to a separate account in the exercise of the power granted by this section are owned by the insurer, and the insurer is not, nor shall it hold itself out to be, a trustee with respect to such amounts. If, and to the extent, it is so provided under the applicable policies, the portion of the assets of a separate account which equals the reserves and other policy liabilities for such account shall not be chargeable with liabilities arising out of any other business the insurer conducts.(6) No sale, exchange or other transfer of assets may be made by an insurer between any of its separate accounts or between any other investment account and one or more of its separate accounts unless:(a) In the case of a transfer into a separate account, the transfer is made solely to establish the account or to support the operation of the policies applicable to the account;(b) In the case of other transfers, the director has approved the transfer as being equitable; and(c) The transfer is made in the form of cash or, with the approval of the director, securities having a readily determinable market value.(7) The same separate account may not be used for both variable annuities and variable life insurance.(8) The insurer shall maintain in each separate account assets with a value at least equal to the reserves and other policy liabilities for such account. 1973 c.435 §6; 1993 c.447 §112