(a) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(b) Be computed by a method that is consistent with the principles of ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, as determined by rules adopted by the Director of the Department of Consumer and Business Services.
(2) Any policy, contract or certificate providing life insurance under a plan referred to in subsection (1) of this section must be reviewed and specifically approved by the director before it can be marketed, issued, delivered or used in this state. [1991 c.401 §28]