Regulatory Alerts2002-01-23 | Bulletin 2002-1Added · Updated
Bulletin 2002-1: No Policy Changes Required by 2001 Amendment to ORS 743.186(1)(A)
The Oregon Insurance Division issued Bulletin INS 2002-1 to clarify that the 2001 amendment to ORS 743.186(1)(A) does not require life insurance companies to amend existing policy language. The amendment, which implements statutory accounting principles regarding policy loans, was subject to questions regarding its impact on interest accrual provisions. The regulator explicitly states that insurers are not obligated to change their current policy terms in response to this legislative change.
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