Oregon Revised Statutes Insurance § 733.304

(a) The opinion must state whether, in the opinion of the qualified actuary, the reserves and related actuarial items the insurer holds in support of the policies and contracts specified by the director by rule are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with prior reported amounts and comply with applicable laws of this state. The director by rule shall establish the specific requirements for the opinion and may require any other items that the director determines to be necessary to the opinion's scope.

(b) The opinion must be submitted with an annual statement that reflects the valuation of the reserve liabilities for each year.

(c) The opinion shall apply to all business in force, including individual and group health insurance plans, in form and substance acceptable to the director as specified by rule.

(d) The director by rule:

(e) The director may accept the opinion that a foreign or alien insurer submitted to the insurance supervisory official of another state as the opinion that the foreign or alien insurer must submit under this section if the director determines that the opinion reasonably meets the requirements that apply to a domestic insurer.

(f) Except in cases of fraud or willful misconduct, a qualified actuary is not liable for damages to any person other than the insurer or the director for any act, error, omission, decision or conduct with respect to the actuary's opinion.

(g) Except as provided in this paragraph, a memorandum in the possession or control of the director that is in support of an actuarial opinion, and any other material the insurer provides to the director in connection with the memorandum, is confidential as provided in ORS 705.137. Notwithstanding ORS 705.137, the memorandum and other materials are subject to subpoena only for the purpose of defending an action seeking damages from the actuary submitting the memorandum by reason of any action required by this section or by rules adopted under this section. Once the insurer cites any portion of the confidential memorandum in the insurer's marketing or before any governmental agency other than a state insurance department or the insurer releases the confidential memorandum to the news media, all portions of the confidential memorandum are no longer confidential. In addition to the uses and disclosures allowed under ORS 705.137, the director may otherwise release a memorandum or other material:

(h) The director shall define grounds for the director's disciplinary action against the insurer or the qualified actuary by rule.

(a) The insurer shall support the opinion with a memorandum that conforms in form and substance to requirements the director establishes by rule. If an insurer fails to provide a supporting memorandum within the period specified by rule or if the director determines that the supporting memorandum that the insurer provides fails to meet the standards prescribed by rule or is otherwise unacceptable to the director, the director may engage a qualified actuary at the insurer's expense to review the opinion and the basis for the opinion and to prepare any supporting memorandum the director requires.

(b) The actuary shall state the actuary's opinion as to whether the reserves and related actuarial items the insurer holds in support of the policies and contracts the director specifies by rule, when considered in light of the assets the insurer holds with respect to the reserves and related actuarial items, including but not limited to the investment earnings on the assets and the considerations the insurer expects to receive and retain under the policies and contracts, provide adequately for the insurer's obligations under the policies and contracts, including but not limited to the benefits under and expenses associated with the policies and contracts.

(c) The director may provide by rule for a transition period for establishing any higher reserves that the actuary may deem necessary in order to render the opinion required under this subsection.