# ORS § 734.014: 734.014 Definitions

> Oregon · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.014

## Section

- **Citation:** ORS § 734.014
- **Heading:** 734.014 Definitions
- **Jurisdiction:** Oregon
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** OR Code / Title 56 / Chapter 734 / Section 734.014

## Text

As used in this chapter:

(1) “Delinquency proceeding” means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating or conserving the insurer.

(2) “Foreign country” means territory not in any state.

(3) “General assets” means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons. As to specifically encumbered property, “general assets” includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and assets held on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, shall be treated as general assets.

(4) An insurer is “impaired” when its allowed assets do not exceed its liabilities plus its required capitalization.

(5) An insurer is “insolvent” when the insurer is unable to pay its obligations when they are due, or when its allowed assets do not exceed its liabilities.

(6) “Insurer” includes:

(a) All persons transacting or purporting to transact insurance as insurers in this state; and

(b) All persons in process of organization to become insurers.

(7) “Receiver” means receiver, rehabilitator, liquidator or conservator, as the context may require.

(8) “Secured claim” means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, but not including special deposit claims or claims against general assets. “Secured claim” also includes claims which more than four months prior to the commencement of delinquency proceedings in the state of the insurer’s domicile have become liens upon specific assets by reason of judicial process.

(9) “Special deposit claim” means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any claim secured by general assets. [Formerly 734.020; 1993 c.447 §90]

Source: Section 734.014 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors734.­html (accessed May 26, 2025).

## Nearby sections

- [ORS § 734.014 734.014 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.014.md)
- [ORS § 734.026 734.026 “Domiciliary,” “ancillary” and “reciprocal state” defined](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.026.md)
- [ORS § 734.043 734.043 Supervision of insurer](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.043.md)
- [ORS § 734.047 734.047 Time for correction of condition leading to order of supervision](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.047.md)
- [ORS § 734.051 734.051 Actions by director during period of supervision](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.051.md)
- [ORS § 734.055 734.055 Action against person violating order of supervision](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.055.md)
- [ORS § 734.059 734.059 Request for court order](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.059.md)
- [ORS § 734.063 734.063 Court order](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.063.md)
- [ORS § 734.067 734.067 Review of court order](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.067.md)
- [ORS § 734.110 734.110 Jurisdiction of delinquency proceedings](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.110.md)
- [ORS § 734.113 734.113 Application of Oregon Receivership Code](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.113.md)
- [ORS § 734.120 734.120 Exclusive remedy](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.120.md)
- [ORS § 734.130 734.130 Commencement of delinquency proceeding](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.130.md)
- [ORS § 734.140 734.140 Injunctions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.140.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_OR_T56_C734_S734.014. Check the current official text before relying on it. Not legal advice.