Department of Consumer and Business Services
Insurance Regulation - Chapter 836
Division 51
LIFE, INDIVIDUAL AND GROUP; ANNUITIES
836-051-0310
Acknowledgement of Concurrence for Payout from Assignee or Beneficiary
Prior to payment of an accelerated benefit, an insurer shall obtain a signed acknowledgement of concurrence for payout as follows:
(1) From an assignee, when the amount of benefit that is accelerated exceeds the unassigned portion of the death benefit, unless the assignee is the insurer.
(2) From an irrevocable beneficiary, if there is an irrevocable beneficiary.
Statutory/Other Authority: ORS 731.244 & 743.154
Statutes/Other Implemented: ORS 743.154
History:
ID 8-1992, f. 5-26-92, cert. ef. 6-1-92