Oregon Revised Statutes Chapter 743 § 743.360 — Alternative group life insurance coverage

Alternative group life insurance coverage. (1) Group life insurance coverage offered to a resident in this state under a group life insurance policy issued to a group other than one described in ORS 743.351 or 743.354 may be delivered if: (a) The Director of the Department of Consumer and Business Services finds that: (A) The issuance of the policy is in the best interest of the public; (B) The issuance of the policy would result in economies of acquisition or administration; and (C) The benefits are reasonable in relation to the premiums charged; (b) The premium for the policy is paid either from funds of a policyholder, from funds contributed by a covered person or from both; and (c) An insurer has the discretion to exclude or limit coverage for a voluntary plan on any person for whom evidence of individual insurability is not satisfactory to the insurer. (2) The requirements of ORS 743.303 do not apply to a policy authorized under subsection (1) of this section. [2001 c.943 §3]