justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 731 — Administration and General

ORS 731.482. Withdrawal from, failure to renew or cancellation of line by commercial liability insurer. (1) Except as provided in subsection (5) of this section, an insurance company selling commercial liability insurance and authorized to do business in Oregon may not withdraw from, fail to renew or cancel any line of insurance or class of business without supplying appropriate written justification to the Director of the Department of Consumer and Business Services. (2) Justification for withdrawal, failure to renew or cancellation may include, but need not be limited to: (a) Insufficient premium income; (b) Loss experience or expectation of future loss in the particular line of insurance or class of business; (c) Necessity for uncompetitive or uneconomic rate increases; (d) Increased hazard in the risks assumed or material change in the line of insurance or class of business that could not have been reasonably contemplated by the insurance company at the time the company began selling the line of insurance or class of business in Oregon; or (e) Change in the availability or costs of reinsurance. (3) The director shall issue an order approving or disapproving the withdrawal from, failure to renew or cancellation of a line of insurance or class of business. (4) An order issued under this section shall include a provision requiring the insurer to notify affected insureds at least 60 days before the effective date of any withdrawal, failure to renew or cancellation approved by the director. (5) This section does not apply to a surplus lines insurer.
ORS Chapter 731 — Administration and General

ORS 731.484. Prohibition on certain sales related to group health and group life insurance. (1) No insurer or insurance producer selling a policy of group life insurance or group health insurance subject to the exemption in ORS 731.146 (2)(b) is authorized to sell membership in a group for the purpose of qualifying an applicant who is an individual for the insurance. (2) No insurer or insurance producer selling membership in a group is authorized to offer a policy of group life insurance or group health insurance subject to the exemption in ORS 731.146 (2)(b) for the purpose of selling membership in the group.
ORS Chapter 731 — Administration and General

ORS 731.485. Conditions under which insurer may limit insureds choice of drug outlets and pharmacies. (1) An insurer may limit the drug outlets or pharmacists from which a person covered under a health insurance policy issued by the insurer is authorized by the insurer to obtain services only if the insurer first provides an opportunity to drug outlets and pharmacists to offer to participate as a provider of services as provided in this section. An insurer to which this section applies must provide notice of the opportunity by mailing a notice to the professional organization representing drug outlets and pharmacists in the service area of the insurer. The notice must be given at least 10 days before the deadline for receiving offers. The notice shall state the following: (a) The date after which offers will not be considered. (b) The services to be provided under the policy. (c) That each offer must contain a statement that the drug outlet or pharmacist is in compliance with the requirements of the State Board of Pharmacy. (d) The name and address of the person or office designated for receipt of the offers. (2) The services to which this section applies are the services normally provided by drug outlets and pharmacists, including but not limited to prescription drugs. (3) A professional organization that has received notice pursuant to subsection (1) of this section shall take reasonable steps to relay the notice to each drug outlet registered with the State Board of Pharmacy that is in the relevant service area. (4) The following apply to an offer submitted by a drug outlet or pharmacist in response to a notice given under subsection (1) of this section: (a) The offer must be in writing. (b) The offer must be submitted to the person or office designated in the notice. (c) The drug outlet or pharmacist must agree to provide services specified by the insurer. (5) An insurer to which this section applies may select any drug outlet or pharmacist of its choice on whatever basis the insurer alone determines to be appropriate. Nothing in this section prohibits an insurer from contracting with one or more drug outlets or pharmacists exclusively for services to be provided to its insureds.
ORS Chapter 731 — Administration and General

ORS 731.486. Exemption from definition of transact insurance for group health and life policies; master group health and life insurance coverage; rules. (1) The exemption in ORS 731.146 (2)(b) does not apply to an insurer that offers coverage under a group health insurance policy or a group life insurance policy in this state unless the Director of the Department of Consumer and Business Services determines that the exemption applies. (2) The insurer shall submit evidence to the director that the exemption applies. When a master policy is delivered or issued for delivery outside this state to trustees of a fund for two or more employers, for one or more labor unions, for one or more employers and one or more labor unions or for an association, the insurer shall also submit evidence showing compliance with: (a) ORS 743.526, for a policy of group health insurance; or (b) ORS 743.354, for a policy of group life insurance. (3) The director shall review the evidence submitted and may request additional evidence as needed. (4) An insurer shall submit to the director any changes in the evidence submitted under subsection (2) of this section. (5) The director may order an insurer to cease offering a policy or coverage under a policy if the director determines that the exemption under ORS 731.146 (2)(b) is no longer satisfied. (6) Coverage under a master group life or health insurance policy delivered or issued for delivery outside this state that does not qualify for the exemption in ORS 731.146 (2)(b) may be offered in this state if the director determines that the state in which the policy was delivered or issued for delivery has requirements that are substantially similar to those established under ORS 743.360 or 743.522 (2) and that the policy satisfies those requirements. (7) This section does not apply to any master policy issued to a multistate employer or labor union. (8) The director may adopt rules to carry out this section.
ORS Chapter 731 — Administration and General

ORS 731.488. Annual audit of insurer; rules. (1) Each insurer shall have an annual audit conducted by an independent certified public accountant and shall file an audited financial report annually with the Director of the Department of Consumer and Business Services. The annual audited financial report shall disclose: (a) The financial position of the insurer as of the end of the most recent calendar year; and (b) The results of the insurers operations, cash flows and changes in capital and surplus for the year then ended. (2) The director shall adopt rules with respect to the following matters as needed for carrying out the requirements of this section: (a) Required contents and format of the audited financial report. (b) Requirements for filing the report. (c) Requirements applicable to qualifications and designation of certified public accountants for purposes of audits under this section. The requirements may include limitations on length of service for certified public accountants and may permit recognition of accountants comparably qualified under the laws of another country. (d) Requirements applicable to evaluation of the accounting procedures of an insurer and its system of internal control by a certified public accountant. (e) Standards governing the scope and preparation of the audit. (f) Requirements and procedures relating to the reporting of the adverse financial condition of an insurer by a certified public accountant. (g) Requirements and procedures relating to the reporting of significant deficiencies for internal controls of an insurer. (h) Exemptions. (i) Any other matter that the director determines to be needed for preparation of or inclusion in the financial report.
ORS Chapter 731 — Administration and General

ORS 731.492. Required notification to claimant upon insurers payment to settle third-party liability claim; required contents of notification. (1)(a) An insurer shall notify a claimant in writing at the time the insurer pays $5,000 or more to settle a third-party liability claim if: (A) The claimant is a natural person; (B) The insurer or an agent or other representative of the insurer, including the insurers attorney, delivers the payment to the claimant or to the claimants attorney, agent or other representative by draft, check or other form of payment; and (C) The claimant or the claimants attorney has provided contact information or a mailing address to the insurer. (b) An insurer may comply with paragraph (a) of this subsection by sending to the claimant a copy of the cover letter that accompanies the insurers settlement payment to the claimants attorney. Any notice to the claimant other than a copy of the cover letter may not include more than: (A) A statement that the insurer has paid a settlement; (B) The amount of the settlement; (C) The date on which the insurer paid the settlement; (D) The insurers name; and (E) Any identifying number for the claim. (2) Subsection (1) of this section does not: (a) Create a cause of action against an insurer for the insurers failure to provide the notice described in subsection (1) of this section; or (b) Create for the claimants attorney a defense to any cause of action based on an insurers failure to provide the notice described in subsection (1) of this section. (3) Subsection (1) of this section authorizes an insurer or the insurers attorney to communicate with the claimant for the purpose of delivering the notice described in subsection (1) of this section even if the insurer or the insurers attorney knows that the claimant is represented by an attorney. (4) This section does not invalidate or otherwise affect a settlement for which an insurer made a payment. [2021 c.140 2] Note:
ORS Chapter 731 — Administration and General

ORS 731.500. [1987 c.774 59; repealed by 1997 c.131 1] LIMIT OF RISK; REINSURANCE
ORS Chapter 731 — Administration and General

ORS 731.504. Limit of risk. (1) No insurer shall retain any risk on any one subject of insurance, whether a domestic risk or not, in an amount exceeding 10 percent of its surplus to policyholders, or in the case of title insurance, more than 50 percent of such surplus, except that an insurance company, including a reciprocal insurance company, comprised solely of 1,000 or more licensed Oregon physicians organized for the purpose of insuring for professional liability may consider aggregate insurance as surplus to policyholders for purposes of this section and shall not be allowed to retain the risk on any one subject of insurance in excess of two and one-half percent of such aggregate insurance. (2) For purposes of this section, aggregate insurance is insurance which provides coverage in the event that the total fund of an insurance company, including a reciprocal insurance company, which is available to pay claims for occurrences of any one year, is exhausted. Aggregate insurance shall be in an amount equal to at least five times the annual premium collected by the insurance company. (3) A subject of insurance for the purposes of this section: (a) As to insurance against fire and hazards other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer that customarily are considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against; (b) As to group life and health insurance, refers individually to each person benefited under the group policy as a separate subject; and (c) As to mortgage insurance, includes all obligations secured by real property in a single tract, or in multiple tracts not separated by at least one-half mile. (4) Reinsurance ceded as authorized by ORS 731.508 shall be deducted in determining risk retained. As to surety risks, deduction also shall be made of the amount assumed by any established incorporated cosurety and the value of any security deposited, pledged, or held subject to the suretys consent and for the suretys protection. (5) As to alien insurers, this section relates only to risks and surplus to policyholders of the insurers United States branch. (6) As used in this section, surplus to policyholders, in addition to the insurers capital and surplus, includes any voluntary reserves that are not required pursuant to law, includes the contingency reserve held for mortgage insurance as required by ORS 733.100, and shall be determined from the last sworn statement of the insurer on file with the Director of the Department of Consumer and Business Services, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk. (7) This section does not apply to wet marine and transportation insurance or to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
ORS Chapter 731 — Administration and General

ORS 731.512. Withdrawal of insurer; reinsurance. (1) No insurer shall withdraw from this state until its direct liability to its policyholders and obligees under all its insurance policies then in force in this state has been assumed by another authorized insurer under an agreement approved by the Director of the Department of Consumer and Business Services. In the case of a life insurer, its liability pursuant to policies issued in this state in settlement of proceeds under its policies shall likewise be so assumed. (2) The director may waive this requirement if the director finds upon examination that a withdrawing insurer then is fully solvent and that the protection to be given its policyholders in this state will not be impaired by the waiver. (3) The assuming insurer within a reasonable time shall replace the assumed insurance policies with its own, or by indorsement thereon acknowledge its liability thereunder. (4) This section is in addition to the requirements of ORS 732.517 to 732.546 and 742.150 to 742.162.
ORS Chapter 731 — Administration and General

ORS 731.514. Ceding insurers management of reinsurance recoverables; requirement to diversify reinsurance program. (1) A ceding insurer shall manage the ceding insurers reinsurance recoverables in proportion to the ceding insurers book of business. A domestic ceding insurer shall notify the Director of the Department of Consumer and Business Services within 30 days after reinsurance recoverables from any single assuming insurer or group of affiliated assuming insurers exceeds or is likely to exceed 50 percent of the domestic ceding insurers surplus, as last reported to the ceding insurers policyholders. In the notification, the domestic ceding insurer shall demonstrate that the domestic ceding insurer is safely managing the exposure. (2) A ceding insurer shall diversify the ceding insurers reinsurance program. A domestic ceding insurer shall notify the director within 30 days after ceding to any single assuming insurer or group of affiliated assuming insurers more than 20 percent of the ceding insurers gross written premium in the previous calendar year or after determining that the ceded reinsurance will likely exceed this percentage. In the notification, the domestic ceding insurer shall demonstrate that the domestic ceding insurer is safely managing the exposure.
ORS Chapter 731 — Administration and General

ORS 731.562. Title insurer capital and surplus requirements. To qualify for authority to transact title insurance in this state, an insurer shall possess and thereafter maintain capital or surplus, or any combination thereof, of not less than $2.5 million.
ORS Chapter 731 — Administration and General

ORS 731.566. Reciprocal insurer surplus requirements. To qualify for authority to transact insurance in this state, a reciprocal insurer shall possess and thereafter maintain a surplus of not less than $2.5 million, and any reciprocal insurer that exchanges policies of insurance covering workers compensation insurance shall possess and thereafter maintain a surplus of not less than $5 million.
ORS Chapter 731 — Administration and General

ORS 731.570. Withdrawing advancements made to reciprocal insurer. No advancement made by the subscribers or the attorney of a reciprocal insurer shall be withdrawn or refunded except out of the surplus of the insurer in excess of its required capitalization, and then only upon the written consent of the Director of the Department of Consumer and Business Services.
ORS Chapter 731 — Administration and General

ORS 731.590. Insurer defined for ORS 731.592 and 731.594. As used in ORS
ORS Chapter 731 — Administration and General

ORS 731.592. Reporting criminal conduct involving insurance. (1) Notwithstanding ORS 746.665, an insurer shall cooperate with any law enforcement agency or other state or federal agency that is investigating or prosecuting suspected criminal conduct involving insurance. The insurer shall provide any information requested by the agency unless the information is subject to a legal privilege that would prohibit disclosure. (2) If an insurer has reason to believe that criminal conduct involving insurance has been, is being or is about to be committed, the insurer shall notify the appropriate agency of that fact. The insurer is not required to notify the agency if the information or any part of the information upon which the belief is based is protected from disclosure by legal privilege. (3) An insurer providing information under this section may request information relating to the investigation that is in the possession or control of the agency. The agency may not provide an insurer with information that is privileged or confidential. Otherwise, the agency shall disclose requested information unless disclosure would jeopardize an ongoing investigation or prosecution. The agency may require that the insurer not disclose the information to any other person. (4) A person who has reason to believe criminal conduct involving insurance has been, is being or is about to be committed, or who collects, reviews or analyzes information concerning suspected criminal conduct involving insurance, may furnish any unprivileged information in the persons possession concerning the suspected criminal conduct to an insurer who requests the information for the purpose of detecting, prosecuting or preventing criminal conduct involving insurance. (5) If an insurer or agency does not provide information as required by this section and the suspected criminal conduct results in a conviction, the insurer or agency is not eligible for any compensation to which the insurer or agency might otherwise be entitled from any award under ORS 137.106.
ORS Chapter 731 — Administration and General

ORS 731.594. Immunity from civil liability. Unless it is shown that the person, including an insurer, acted with actual malice, a person who discloses or provides information under ORS 731.592 has immunity from any civil liability that might otherwise be incurred or imposed with respect to the disclosure or provision of the information. A person has the same immunity with respect to participating in any judicial proceeding resulting from the disclosure or provision of information. [1999 c.633 4] DEPOSITS
ORS Chapter 731 — Administration and General

ORS 731.604. Acceptance of deposits of insurers. The following deposits of insurers shall be accepted and held by the Department of Consumer and Business Services for the purposes for which such deposits are made and are subject to the applicable provisions of the Insurance Code: (1) Deposits required or permitted under the Insurance Code. (2) Deposits of domestic insurers made pursuant to the laws of other jurisdictions.
ORS Chapter 731 — Administration and General

ORS 731.608. Purpose of deposit. (1) Except as provided in subsection (2) of this section, deposits made in this state under ORS 731.624 shall be held for the faithful performance by the insurer of all insurance obligations, including claims for unearned premiums, with respect to domestic risks pertaining to the particular class of insurance for which the deposit was made. However, there shall be excluded from each such obligation the same amount as is excluded in determining the obligation of the Oregon Insurance Guaranty Association under ORS 734.510 to 734.710. (2) If at any time a deposit made under ORS 731.624 by a particular insurer is insufficient to perform the insurance obligations upon the faithful performance of which the deposit was conditioned, then any other deposit made under ORS
ORS Chapter 731 — Administration and General

ORS 731.612. Rights of insurer regarding deposits. While the insurer remains unimpaired and is in compliance with the Insurance Code it may: (1) Demand, receive, sue for and recover the income from the assets deposited; (2) Exchange and substitute for the deposited assets, or any part thereof, other eligible assets of equivalent or greater value; and (3) At any reasonable time inspect such deposit.
ORS Chapter 731 — Administration and General

ORS 731.616. Valuation of deposits; deficiencies. (1) For the purpose of determining the sufficiency of its deposit in this state the assets of the insurer on deposit shall be valued at current market value. (2) If assets deposited by an insurer are subject to material fluctuations in market value, the Director of the Department of Consumer and Business Services, in the discretion of the director, may require the insurer to deposit and maintain on deposit additional assets in such amount as reasonably is necessary to assure that the deposit at all times will have a market value of not less than the amount specified under or pursuant to the law by which the deposit is required. (3) If for any reason the current market value of such assets falls below the amount of deposit required of the insurer, the insurer shall promptly deposit other or additional assets eligible for deposit in an amount sufficient to cure the deficiency. The insurer has 30 days in which to cure the deficiency after notice thereof from the director.
ORS Chapter 731 — Administration and General

ORS 731.620. Assignment of deposited securities. (1) The insurer shall assign in trust to the Director of the Department of Consumer and Business Services and successors in office all securities being deposited through the director under the Insurance Code that are not negotiable by delivery; or, in lieu of such assignment, the insurer may give the director an irrevocable power of attorney authorizing the director to transfer the securities or any part thereof for any purpose within the scope of the Insurance Code. (2) Upon release to the insurer, or other person entitled thereto, of any such security the director shall reassign the security to such insurer or person; or, in the case of power of attorney given pursuant to subsection (1) of this section, the director shall deliver the power of attorney, together with the securities covered thereby, to the insurer or person entitled thereto.