(1) The investment is made in the name of and remains the sole property of the insurer;
(2) The investment is not subject to appropriation in any manner by any person, including the person for whom the compensating balance is being provided, the institution in which the deposit is made and other creditors of such persons;
(3) The insurer holds an irrevocable written waiver from the depositary institution, in a form satisfactory to the Director of the Department of Consumer and Business Services, waiving all right, title and interest in or to any setoff, banker’s or similar lien or other security interest in such investment or any funds represented thereby;
(4) The investment is unrestricted as to right of withdrawal except for such restrictions as may be usual and customary for such investments under ORS 733.650 (4) when no compensating balance is involved; and
(5) The insurer is receiving a reasonable fee, taking into consideration its return on other funds, for providing the compensating balance involved. [1975 c.232 §3]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 733 - Accounting and Investments
Section 733.010 - Assets allowed.
Section 733.020 - Assets not allowed.
Section 733.030 - Liabilities in general.
Section 733.060 - Unearned premium reserve.
Section 733.090 - Unearned premium reserve and fund for title insurance.
Section 733.140 - Disallowance of "wash" transactions.
Section 733.160 - Valuation of assets other than securities.
Section 733.165 - Valuation of securities.
Section 733.210 - Director’s determinations.
Section 733.304 - Opinion of actuary; rules.
Section 733.308 - Computation of minimum standard for annuities and pure endowment contracts; rules.
Section 733.310 - Interest rates for determining minimum standard for valuation.
Section 733.312 - Amount of required reserves for life insurance policies.
Section 733.314 - Amount of required reserves for certain annuity and pure endowment contracts.
Section 733.316 - Aggregate reserves.
Section 733.318 - Alternative standards of valuation.
Section 733.320 - Minimum required reserve for certain policies.
Section 733.325 - Definitions.
Section 733.328 - Annual valuation of reserve liabilities.
Section 733.331 - Opinion of appointed actuary; liabilities of appointed actuary; rules.
Section 733.337 - Confidentiality; permissible disclosures.
Section 733.510 - Investments of insurers; rules.
Section 733.530 - "Corporation," "sovereign," "political subdivision" defined.
Section 733.550 - "Amply secured obligation" defined.
Section 733.560 - "Unencumbered" defined.
Section 733.570 - "Improved real property" defined.
Section 733.578 - Conditions necessary for investments used to provide compensating balances.
Section 733.580 - Investment of required capitalization.
Section 733.600 - Investment in mortgage loans.
Section 733.610 - Investment in real property.
Section 733.620 - Investment in stocks of corporation.
Section 733.630 - Investment in securities or obligations of certain corporations.
Section 733.635 - Approved activities of corporations in which investments authorized.
Section 733.640 - Lending funds; limitations on loans.
Section 733.650 - Investment of funds in certain obligations and other specified items.
Section 733.652 - Investment of funds of separate accounts.
Section 733.654 - Limitation on amount of separate account investments; exceptions.
Section 733.670 - Investment of funds under "prudent investor" standard.
Section 733.710 - Investments authorized by prior law; date of eligibility of investment.
Section 733.730 - Approval by board of directors of investments and deposits.