Oregon Revised Statutes Chapter 732 § 732.548 — Definitions for ORS 732.517 to 732.596

Definitions for ORS 732.517 to 732.596. As used in ORS 732.517 to 732.596: (1) “Affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, another person. (2) “Control” means possessing the direct or indirect power to manage a person or set the person’s policies, whether by owning voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position or corporate office the person holds. (3) “Enterprise risk” means an activity, circumstance, event or series of events that involve one or more of an insurer’s affiliates and that, if not remedied promptly, are likely to have an adverse material effect on the insurer’s or the insurance holding company system’s financial condition or liquidity, including but not limited to an activity, circumstance, event or series of events that would cause the insurer’s risk-based capital to fall into company action level or cause the Director of the Department of Consumer and Business Services to determine under ORS 731.385 that the insurer is in hazardous financial condition. (4) “Group capital calculation” means a calculation made in accordance with instructions that the director adopts by rule based on, or with reference to, instructions that the National Association of Insurance Commissioners publishes for the purpose of specifying the method of calculation. (5) “Group-wide supervisor” means a regulatory official that has the authority to conduct and coordinate supervisory activities for an internationally active insurance group under ORS 732.594. (6) “Insurance holding company system” means two or more affiliated persons, one or more of which is an insurer and may include a financial holding company, as described in section 103 of the federal Gramm-Leach-Bliley Act (P.L. 106-102), that has an affiliated insurer. (7) “Insurer” has the meaning given that term in ORS 731.106 but does not include an agency, authority or instrumentality of the United States, the Commonwealth of Puerto Rico, another state or a political subdivision of another state. (8) “Internationally active insurance group” means an insurance holding company system that includes an insurer that is registered under ORS 732.551 and that: (a) Writes premiums in three or more countries; (b) Writes 10 percent or more of the insurance holding company system’s total gross written premiums outside the United States; and (c) Has $50 billion or more of total assets, or $10 billion or more of total gross written premiums, based on a three-year rolling average. (9) “NAIC liquidity stress test framework” means a method for testing an insurer’s liquidity that the director adopts by rule based on, or with reference to, a method or methods the National Association of Insurance Commissioners describes in a publication by the association that includes instructions and reporting templates and that identifies scope criteria that apply to a specific data year. (10)(a) “Person” means an individual, corporation, limited liability company, partnership, association, joint stock company, trust or unincorporated organization, or an entity or combination of entities similar to the entities described in this paragraph. (b) “Person” does not include: (A) A joint venture partnership that is engaged exclusively in owning, managing, leasing or developing real or tangible personal property; or (B) For the purposes of ORS 732.518, 732.521, 732.523, 732.526 and 732.528, a securities broker that holds, in the usual and customary broker’s function, less than 20 percent of the voting securities of an insurer or of any person that controls an insurer. (11) “Scope criteria” means bases and minimum magnitudes of exposure under which a preliminary list of insurers may be designated for inclusion in the NAIC liquidity stress test framework for a specific data year. (12) “Security holder” means a person that owns a security of another person, including a security denominated as common stock, preferred stock or a debt obligation and any instrument that is convertible into or that is evidence of the right to acquire the security of another person. (13) “Subsidiary” means an affiliate that a person controls directly or indirectly through one or more intermediaries. (14) “Voting security” means a security that entitles the owner or holder of the security to vote at a meeting of shareholders, including a security that is convertible into a voting security or that is evidence of a right to acquire a voting security. [Formerly 732.605; 2001 c.377 §38; 2013 c.370 §22; 2017 c.479 §10; 2025 c.174 §1]