836-054-0000 Election of Lower Limits for Uninsured Motorist Coverage (1) This rule is adopted under the authority of ORS 731.244 for the purpose of implementing ORS 742.502. (2) This rule establishes in Exhibit 1 an example of the form of statement electing lower limits for uninsured motorist coverage in a motor vehicle liability insurance policy that may be used to comply with the requirement in ORS 742.502 for a statement of election. A form used by an insurer or insurance producer that is in substantial compliance with this rule is considered to be approved by the department. A form is in substantial compliance if the for contains all of the following elements in any order: An example of a form that may be used by an insurer or insurance producer to comply with this rule is posted on the Division of Financial Regulation website of the Department of Consumer and Business Services at dfr.oregon.gov. If an insurer or insurance producer uses this form, or any other selection form that has been approved by the department, the form is considered to be approved by the department. Any other form electing lower limits for uninsured motorist coverage in a motor vehicle liability insurance policy must be approved by the department and must contain all of the following elements in any order: (a) An acknowledgement by the named insured that the named insured was offered uninsured motorist coverage with the limits equal to those for bodily injury liability; (b) A brief summary, which is not part of the insurance contract, of uninsured and underinsured motorist coverages; (c) A statement of the price for coverage per insured vehicle with limits equal to the named insured's bodily injury liability limits and the price for coverage per insured vehicle with the lower limits requested by the named insured; (d) A statement to the effect that the statement shall remain in force until rescinded in writing by a named insured or until such time as motor vehicle bodily injury liability limits are changed; and (e) Provision for signature of a named insured, to be made within 60 days of the time the named insured makes the election, and for the date of signature. (3) Regarding the summary required in subsection (2)(b) of this rule, if an insurer issuing a policy that refers only to uninsured motorist coverage because uninsured motorist coverage under the policy includes underinsured motorist coverage meeting statutory requirements, the insurer need not use the term "underinsured motorist coverage." (4) The statement required under subsection (2)(c) of this rule may state the term of coverage to which the prices relate. (5) The form may include one or both of the following statements in addition to the items required under section (2) of this rule: (a) A statement to the effect that the form is required by Oregon law or specifically by ORS 742.502; and (b) A statement to the effect that limits for uninsured motorist coverage cannot be less than the amounts required to comply with financial responsibility requirements under ORS 806.070. Statutory/Other Authority: ORS 731.244 & 742.502 Statutes/Other Implemented: ORS 742.502(2) & 742.504 History: ID 22-2023, minor correction filed 06/27/2023, effective 06/27/2023 ID 15-2015, f. 12-29-15, cert. ef. 1-1-16 ID 7-2015(Temp), f. & cert. ef. 9-14-15 thru 12-31-15 ID 19-2006, f. & cert. ef. 9-26-06 ID 8-2005, f. 5-18-05, cert. ef. 8-1-05 ID 5-1994, f. & cert. ef. 5-9-94