Oregon Revised Statutes Chapter 734 § 734.760 — Definitions for ORS 734.750 to 734.890

Definitions for ORS 734.750 to 734.890. As used in ORS 734.750 to 734.890, unless the context requires otherwise: (1) “Account” means one of the three accounts created under ORS 734.800. (2) “Association” means the Oregon Life and Health Insurance Guaranty Association created under ORS 734.800. (3) “Contractual obligation” means any obligation under a covered policy or contract or a certificate under a group policy or contract. (4) “Covered policy” means any policy or contract or a certificate under a group policy or contract to which ORS 734.750 to 734.890 apply. (5) “Disability insurance” means health insurance that provides income payments to an insured wage earner whose income is interrupted due to an accident or illness. “Disability insurance” does not include workers’ compensation insurance. (6) “Impaired insurer” means a member insurer that is subject to an order of rehabilitation under ORS 734.063 or an order of conservation under ORS 734.200 after September 13, 1975. “Impaired insurer” does not include an insolvent insurer. (7) “Insolvent insurer” means a member insurer that, after September 13, 1975, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. (8) “Long term care insurance” has the meaning given that term in ORS 743.652. (9)(a) “Member insurer” means any insurer currently authorized to transact in this state any kind of insurance to which ORS 734.750 to 734.890 apply, regardless of whether the insurer’s authorization to transact insurance was, in the past, suspended, revoked, not renewed or voluntarily withdrawn. (b) “Member insurer” does not include: (A) A hospital or medical service organization, whether for-profit or nonprofit; (B) A health maintenance organization; (C) A fraternal benefit society; (D) A mandatory state pooling plan; (E) A mutual assessment company or other person that operates on an assessment basis; (F) An insurance exchange; or (G) An organization that has a certificate of authority limited to the issuance of charitable gift annuities under ORS 731.038. (10) “Premiums” means direct gross insurance, including annuity, premiums written on covered policies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. “Premiums” does not include premiums on contracts between insurers and reinsurers or any premiums on policies or contracts excluded under ORS 734.790. (11)(a) “Principal place of business” means: (A) For a plan sponsor or a person other than a natural person, the state in which the natural persons who establish policy for the direction, control and coordination of the operations of the entity as a whole primarily exercise that function, as determined by the association after considering the following factors: (i) The state in which the primary executive and administrative headquarters of the entity is located; (ii) The state in which the principal office of the chief executive officer of the entity is located; (iii) The state in which the board of directors or governing body of the entity conducts the majority of its meetings; (iv) The state in which the executive or management committee of the board of directors of the entity conducts the majority of its meetings; and (v) The state from which the management of the overall operations of the entity is directed. (B) For a benefit plan sponsored by affiliated companies comprising a consolidated corporation, the state in which the holding company or controlling affiliate has its principal place of business as determined using the factors set forth in subparagraph (A) of this paragraph. (C) For a plan sponsor of a benefit plan for which more than 50 percent of the participants in the benefit plan are employed in a single state, the state in which those participants are employed. (D) Absent a specific or clear designation of a principal place of business for a plan sponsor of a benefit plan established or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the principal place of business of the association, committee, joint board of trustees or other governing body of the employer or employee organization that has the largest investment in the benefit plan. (b) As used in this subsection, “plan sponsor” means: (A) The employer for a benefit plan established or maintained by a single employer. (B) The employee organization for a benefit plan established or maintained by an employee organization. (C) For a benefit plan established or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees or other governing bodies of the parties that establish or maintain the benefit plan. (12) “Resident” means a person to whom contractual obligations are owed by a member insurer and who resides in th