Legal Question in Insurance Law in Oregon

Safekeeping of Insurance Company Securities under Investment Managment in Oregon

I have been told that in the State of Oregon that when an investment management company is hired to manage an insurance company's portfolio or a portion thereof that those securities cannot be held in nominee name at the Depository Trust Company or Fed but must be held in physical form in a banking or brokerage institution within Oregon. If this is true, can you reference the insurance code

or reg section. What specifically is the rule.

Thankyou


Asked on 11/15/99, 6:27 pm

1 Answer from Attorneys
Sam Hochberg Sam Hochberg & Associates

Re: Safekeeping of Insurance Company Securities under Investment Managment in Or

Insurance companies are highly regulated by the states in which they do business. If the answer to your question is indeed governed by Oregon law, then I would first try communicating with the office of the Oregon Insurance Commission, at 503-378-4100, in Salem, Oregon. My practice largely involves the personal injury side of insurance law, not securities issues. You may wish to contact the Oregon State Bar, at 503-620-0222, and ask for the Lawyer Referral Program, who can put you in touch with an Oregon lawyer who handles securities issues. You don't mention why you need this information, but as in any possible claim, there are time limits involved. If you wait too long to make a claim or file a lawsuit, you could be time-barred. Good luck!

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Answered on 11/17/99, 3:41 pm


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