Oregon Revised Statutes Chapter 744 § 744.318 — to ORS 744.384, 744.991 and 744.992

to ORS 744.384, 744.991 and 744.992. (9) “Life settlement investment agent” means a person who is an appointed or contracted agent of a licensed life settlement provider who solicits or arranges the funding for the purchase of a life settlement by a life settlement purchaser and who is acting on behalf of a life settlement provider. (10)(a) “Life settlement provider” means a person, other than an owner, that enters into or effectuates a life settlement contract with an owner resident in this state. (b) “Life settlement provider” does not include: (A) A bank, savings bank, savings and loan association, credit union or other licensed lending institution that takes an assignment of a life insurance policy solely as collateral for a loan; (B) A premium finance company making premium finance loans and exempted by the director from the licensing requirement under ORS 746.405 to 746.530 that takes an assignment of a life insurance policy solely as collateral for a loan; (C) The issuer of the life insurance policy; (D) An insurer certified under ORS 731.354 or accredited under ORS 731.511 that provides stop loss coverage or financial guaranty insurance to a life settlement provider, purchaser, financing entity, special purpose entity or related provider trust; (E) An individual who enters into or effectuates no more than one agreement in a calendar year for the transfer of life insurance policies for any value less than the expected death benefit; (F) A financing entity; (G) A special purpose entity; (H) A related provider trust; (I) A life settlement purchaser; or (J) Any other person that the director determines is not the type of person intended to be covered by the definition of “life settlement provider.” (11) “Life settlement purchase agreement” means a contract or agreement, entered into by a life settlement purchaser and to which the owner is not a party, to purchase a life insurance policy or an interest in a life insurance policy that is entered into for the purpose of deriving an economic benefit. (12)(a) “Life settlement purchaser” means a person who, to derive an economic benefit: (A) Provides a sum of money as consideration for a life insurance policy or an interest in the death benefits of a life insurance policy; or (B) Owns or acquires or is entitled to a beneficial interest in a trust that owns a life settlement contract or is the beneficiary of a life insurance policy that has been or will be the subject of a life settlement contract. (b) “Life settlement purchaser” does not include: (A) A licensee under ORS 744.321, 744.323 or 744.324; (B) An accredited investor or qualified institutional buyer as defined in Rule 501(a) or Rule 144A promulgated under the Federal Securities Act of 1933, as amended; (C) A financing entity; (D) A special purpose entity; or (E) A related provider trust. (13)(a) “Owner” means the owner of a life insurance policy or a certificate holder under a group policy who resides in this state and enters or seeks to enter into a life settlement contract. For the purposes of ORS 744.318 to 744.384, 744.991 and 744.992, an owner shall not be limited to an owner of a life insurance policy or a certificate holder under a group policy insuring the life of an individual with a terminal or chronic illness or condition except when specifically addressed. If there is more than one owner on a single policy and the owners are residents of different states, the transaction shall be governed by the law of the state in which the owner having the largest ownership percentage resides or, if the owners hold equal ownership, the state of residence of one owner agreed upon in writing by all the owners. (b) “Owner” does not include: (A) A licensee under ORS 744.321, 744.323 or 744.324, including a life insurance producer acting as a life settlement broker under ORS 744.323; (B) A qualified institutional buyer as defined in Rule 144A promulgated under the Federal Securities Act of 1933, as amended; (C) A financing entity; (D) A special purpose entity; or (E) A related provider trust. (14) “Policy” means an individual or group policy, group certificate, contract or arrangement of life insurance owned by a resident of this state, regardless of whether delivered or issued for delivery in this state. (15) “Related provider trust” means a trust established by a licensed life settlement provider or a financing entity for the sole purpose of holding the ownership or beneficial interest in purchased policies in connection with a financing transaction. (16) “Settled policy” means a life insurance policy or certificate that has been acquired by a life settlement provider pursuant to a life settlement contract. (17) “Special purpose entity” means a corporation, partnership, trust, limited liability company or other similar entity formed solely to provide either direct or indirect access to institutional capital markets: (a) For a financ