Oregon Revised Statutes Chapter 732 § 732.594 — Director’s determination or acknowledgment of appropriate group-wide supervisor

Director’s determination or acknowledgment of appropriate group-wide supervisor for internationally active insurance group; requirement for insurer to produce needed information; director’s powers; cooperation with other regulatory officials. (1) The Director of the Department of Consumer and Business Services shall: (a) Act, in accordance with the provisions of this section, as the group-wide supervisor for any internationally active insurance group; or (b) Acknowledge another regulatory official as the group-wide supervisor for an internationally active insurance group if the internationally active insurance group: (A) Does not have substantial insurance operations in the United States; (B) Has substantial insurance operations in the United States but not in this state; or (C) Has substantial insurance operations in this state but the director determines under criteria set forth in subsections (2) and (6) of this section that the other regulatory official is the appropriate group-wide supervisor. (2) The director, in cooperation with other state, federal and international regulatory agencies, shall identify a single group-wide supervisor for each internationally active insurance group. The director may determine that the director is the appropriate group-wide supervisor for an internationally active insurance group with substantial insurance operations in this state or the director may determine that another regulatory official is the appropriate group-wide supervisor. In making the determination, the director shall consider: (a) Where the insurers that have the largest share of the internationally active insurance group’s written premiums, assets or liabilities are domiciled; (b) Where the top-tier insurers within the internationally active insurance group’s insurance holding company system are domiciled; (c) Where the internationally active insurance group has executive offices or the group’s largest operational offices; (d) Whether another regulatory official is acting, or seeks to act, as the group-wide supervisor for the internationally active insurance group under a regulatory system that the director determines is: (A) Substantially similar to the regulations set forth in the Insurance Code; or (B) Otherwise sufficient to enable the regulatory official to engage in group-wide supervision and enterprise risk analysis and to cooperate with other regulatory officials; and (e) Whether another regulatory official that is acting, or seeks to act, as the group-wide supervisor provides the director with a reasonable degree of reciprocal acknowledgment and cooperation. (3) A regulatory official that the director determines under subsection (2) of this section is the appropriate group-wide supervisor for an internationally active insurance group may in turn acknowledge a different regulatory official as the appropriate group-wide supervisor. Before acknowledging another regulatory official as an appropriate group-wide supervisor, a regulatory official shall: (a) Consider the criteria set forth in subsection (2) of this section; (b) Cooperate with and obtain acknowledgment from other regulatory officials with responsibility for supervising the internationally active insurance group; and (c) Consult with the internationally active insurance group. (4) Notwithstanding any other provision of this section or ORS 732.596, the director shall acknowledge another regulatory official that is acting as a group-wide supervisor for an internationally active insurance group unless a material change in the internationally active insurance group requires the director to make a determination under subsection (2) of this section as to the appropriate group-wide supervisor for the internationally active insurance group. For purposes of this determination, a material change is: (a) Insurers domiciled within this state come to hold the largest share of the internationally active insurance group’s written premiums, assets or liabilities; or (b) The top-tier insurers within the internationally active insurance group’s insurance holding company system become domiciled in this state. (5) The director, in accordance with ORS 732.584, may order an insurer registered under ORS