Or. Admin. Code § 836-014-0325 - Disclosures Required by Life Insurers
(1) With respect to each policy issued by an
insurance company, the insurance company shall provide notice to the owner of
an individual life insurance policy when the insured person under such a policy
is 60 years of age or older, and:
(a) The life
insurance company receives notice from such an owner of a request to surrender,
in whole or in part, an individual policy;
(b) The life insurance company receives
notice from such an owner of a request to receive an accelerated death benefit
under an individual policy; or
(c)
The life insurance company sends to such an owner all notices of lapse of an
individual policy, other than a term policy.
(2)
(a) The
notice must consist of the following statement in large, bold or otherwise
conspicuous typeface calculated to draw the eye: "Life insurance is a critical
part of a broader financial plan. There are many options available, and you
have the right to shop suited to your needs." The notice may include the
contact information for the Department of Consumer and Business Services as
suggested in Exhibit 1 to this rule or in a form similar to the notice in
Exhibit 1 to this rule. The director may update the names, telephone numbers,
website information and similar information in Exhibit 1 from time to time as
necessary.
(b) If the notice does
not include the contact information for the department, the communication of
the notice must also contain a statement advising the recipient that the
recipient may contact the Division of Financial Regulation of the Department of
Consumer and Business Services for more information. The insurer shall direct
the recipient of the communication to either contact the Division of Financial
Regulation Consumer Advocacy Unit at its toll free telephone number or visit
the division's website at the website address currently provided by the
division as Exhibit 1 to this rule as may be updated from time to time on the
division website.
Notes
Statutory/Other Authority: ORS 731.244, 744.331 & 744.358
Statutes/Other Implemented: ORS 744.326, 744.328, 744.331, 744.341, 744.358, Sec. 22, Ch. 711 & OL 2009
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