reglab/housing_qa huggingface dataset:
OR Rev Stat § 735.015 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.015 - Purpose.

The purpose of ORS 735.005 to 735.145 is: (1) To assure stability in the property insurance market for certain property located in this state. (2) To assure the availability of essential property insurance to the owners of insurable property. (3) To encourage maximum use, in obtaining essential property insurance, of the normal insurance market provided by authorized insurers. (4) To provide for the equitable distribution among authorized insurers of the responsibility for insuring certain insurable property for which essential property insurance cannot be obtained through the normal insurance market by the establishment of the Oregon FAIR Plan Association. [1971 c.321 §2]
OR Rev Stat § 735.025 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.025 - Construction.

ORS 735.005 to 735.145 shall be liberally construed to effect the purpose provided in ORS 735.015. [1971 c.321 §3]
OR Rev Stat § 735.035 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.035 - Application.

ORS 735.005 to 735.145 apply only to essential property insurance on domestic risks. [1971 c.321 §4]
OR Rev Stat § 735.045 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.045 - Oregon FAIR Plan Association; insurers required to be members; plan of operation.

There is hereby created the Oregon FAIR Plan Association. Each insurer that is a member insurer shall become and remain a member of the association as a condition of its authority to transact insurance in this state. The association shall perform its functions in accordance with a plan of operation established pursuant to ORS 735.085, and shall exercise its powers through its board of directors. [1971 c.321 §6]
OR Rev Stat § 735.055 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.055 - Association board of directors; appointment; compensation, expenses of members; quorum.

(1) The board of directors of the Oregon FAIR Plan Association shall consist of five members selected by the member insurers, subject to the approval of the Director of the Department of Consumer and Business Services, and four persons selected by the Governor, one of whom shall be an insurance producer holding an appointment as an Oregon insurance producer of a member insurer. Of the other three persons appointed by the Governor, one shall be a resident of a county of over 400,000 population and none shall have been an employee or insurance producer of a member insurer. The term of each member shall be as specified in the plan, but in no event for longer than four years. A vacancy on the board shall be filled for the remainder of the unexpired term in the same manner as for the initial selection. (2) In making or approving selections to the board, the Director of the Department of Consumer and Business Services shall consider among other things whether member insurers are fairly represented. (3) A member of the board shall receive no compensation for services as a member. However, a member shall be reimbursed from the assets of the association for actual and necessary travel and other expenses incurred by the member in the performance of duties. (4) A majority of the members of the board constitutes a quorum for the transaction of business. [1971 c.321 §7; 1979 c.818 §2a; 2003 c.364 §88]
OR Rev Stat § 735.065 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.065 - Required association functions; assessments.

(1) The Oregon FAIR Plan Association shall: (a) Have authority on behalf of its members to arrange for the issuance of property insurance policies by service insurers and to reinsure any of those policies in whole or in part and to cede such reinsurance, subject to the plan. (b) Assess member insurers the amounts necessary to pay the expenses incurred by the association in meeting its obligations and exercising its duties and powers under ORS 735.005 to 735.145. (2) Except as provided in subsection (3)(a) and (b) of this section, the assessment of each member insurer for a particular calendar year shall be in the proportion that the net direct written premiums of the member insurer for the second preceding calendar year bears to the net direct written premiums of all member insurers for the second preceding calendar year. Each member insurer shall be notified of an assessment not later than the 30th day before the day it is due. If the funds of the association do not provide in any one year an amount sufficient to pay the expenses of the association, the funds available shall be prorated among the expenses and the unpaid portion shall be paid as soon thereafter as funds become available. If an assessment would cause a member insurer’s financial statement to reflect an amount of surplus less than the minimum amount required for a certificate of authority by any jurisdiction in which the member insured is authorized to transact insurance, the association may, in whole or in part, exempt the member insurer from payment of the assessment or defer payments. (3)(a) The maximum assessment of a member insurer for any calendar year shall be two percent of the insurer’s net direct written premiums for the second preceding calendar year. (b) The minimum assessment of a member insurer for any calendar year shall be $50. (4) Reimburse inspection bureaus, service insurers and employees of the association for expenses incurred in the inspection or insuring of property on behalf of the association, and pay all other expenses the association incurs in carrying out the provisions of ORS 735.005 to 735.145. (5) Undertake a continuing public education program in cooperation with member insurers and insurance producers to assure that the plan receives adequate attention. (6) Undertake a continuing education program to advise the public of the steps which may be taken to make property more insurable against crime, personal liability and the perils named in ORS 735.005 (3). [1971 c.321 §8; 1979 c.818 §3; 2003 c.364 §89]
OR Rev Stat § 735.075 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.075 - Discretionary association functions.

The Oregon FAIR Plan Association may: (1) With the approval of the Director of the Department of Consumer and Business Services, employ or retain such persons and designate such inspection bureaus and service insurers as are necessary to handle applications, inspect and insure property and perform the other duties of the association. (2) Borrow funds as necessary to carry out ORS 735.005 to 735.145 in such manner as may be specified in the plan. (3) Sue or be sued. (4) Negotiate and become a party to such contracts as are necessary to carry out ORS 735.005 to 735.145. (5) At the end of any calendar year, refund to member insurers, in proportion to each insurer’s payments to the association, the amount by which the board of directors finds that the funds of the association exceed its current liabilities plus the liabilities estimated for the coming year. (6) Perform such other acts as are necessary or proper to carry out ORS 735.005 to 735.145. [1971 c.321 §9]
OR Rev Stat § 735.085 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.085 - Plan of operation; submission to director; approval of plan; compliance with plan; rules.

(1) The Oregon FAIR Plan Association shall submit to the Director of the Department of Consumer and Business Services, not later than September 7, 1971, a plan of operation, and may thereafter submit such amendments thereto as will provide for the reasonable and equitable exercise of the duties and powers of the association. The plan of operation, and any amendments thereto, shall become effective upon approval in writing by the director. (2) If the association fails to submit a plan that receives the approval of the director as provided in subsection (1) of this section, or if the association after such approval fails to maintain a plan satisfactory to the director, the director shall by rule prescribe a plan of operation that meets the standards provided in subsection (1) of this section. A plan prescribed by the director shall remain in effect until the director by rule provides otherwise. (3) No member insurer shall fail to comply with the currently effective plan. [1971 c.321 §10]
OR Rev Stat § 735.095 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.095 - Contents of plan of operation.

The plan shall: (1) Establish procedures for the submission and processing of applications for insurance and the payment of claims for losses. (2) Establish procedures for record keeping, payment of other expenses and administration of all other financial affairs of the Oregon FAIR Plan Association. (3) Establish times and places for meetings of the board. (4) Establish procedures for selection of members of the board and for approval of such selections by the Director of the Department of Consumer and Business Services. (5) Establish a procedure for appeal to the director of final actions or decisions of the association. (6) Establish such other procedures as may be necessary or proper to carry out the duties and powers of the association. (7) Provide that the association shall file periodically with the director statements of the insurance provided through the association and estimates of anticipated claims against the association. [1971 c.321 §11; 1979 c.818 §4]
OR Rev Stat § 735.105 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.105 - Regulation of association as insurer; financial report to director.

The Oregon FAIR Plan Association is subject to regulation by the Director of the Department of Consumer and Business Services in the same manner as an insurer, to the extent determined by the director to be necessary to carry out the purpose of ORS 735.005 to 735.145. Not later than March 30 of each year the board shall submit to the director, in a form approved by the director, a financial report for the preceding calendar year. [1971 c.321 §12]
OR Rev Stat § 735.115 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.115 - Exemption of association from fees and taxes.

Except for taxes levied on real or personal property, the Oregon FAIR Plan Association shall be exempt from the payment of all fees and taxes levied by this state or by any city, county, district or other political subdivision of this state. [1971 c.321 §13]
OR Rev Stat § 735.145 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.145 - Immunity from legal action in carrying out duties.

No person shall have a cause of action against the Oregon FAIR Plan Association or its employees or servicing facilities, any member of the board, or the Director of the Department of Consumer and Business Services or the employees of the director for any action taken by them in carrying out ORS 735.005 to 735.145. [1971 c.321 §16]
OR Rev Stat § 735.152 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.152 - Application of laws.

(1) The provisions of the Insurance Code cited in ORS 735.150 to 735.190 apply to captive insurers. In addition, the provisions of the Insurance Code set forth in ORS chapter 731 relating to administration of the insurance laws apply to captive insurers to the extent not inconsistent with the express provisions of ORS 735.150 to 735.190. (2) In addition to the provisions of the Insurance Code set forth in subsection (1) of this section, ORS 705.137 and 705.139 apply to captive insurers. [2012 c.84 §3] Note: See note under 735.150.
OR Rev Stat § 735.154 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.154 - Rules.

The Director of the Department of Consumer and Business Services may adopt rules for the administration of ORS 735.150 to 735.190. [2012 c.84 §4] Note: See note under 735.150.
OR Rev Stat § 735.156 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.156 - Confidentiality of documents and materials; public disclosure.

All documents, materials and other information in the possession of the Department of Consumer and Business Services under ORS 735.150 to 735.190 are confidential and subject to public disclosure only as provided in ORS 705.137. [2012 c.84 §5] Note: See note under 735.150.
OR Rev Stat § 735.160 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.160 - Business name.

A captive insurer may assume a business name only if consistent with the provisions of ORS 731.430. [2012 c.84 §7] Note: See note under 735.150.
OR Rev Stat § 735.166 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.166 - Investment requirements for association captive insurer.

(1)(a) An association captive insurer must comply with the investment requirements of ORS 733.510 to 733.780. (b) Notwithstanding paragraph (a) of this subsection, the Director of the Department of Consumer and Business Services may by rule approve the use of alternative reliable methods of valuation and rating for an association captive insurer. (2)(a) A pure captive insurer is not subject to any restrictions on allowable investments under ORS 733.510 to 733.780. (b) The director may prohibit or limit an investment that threatens the solvency or liquidity of a pure captive insurer. (3) A captive insurer may not make loans to the parent of the captive insurer or an affiliate of the captive insurer. [2012 c.84 §10] Note: See note under 735.150.
OR Rev Stat § 735.168 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.168 - Allowable risks for captive insurer; risk distribution pool; annual actuarial opinion; rules.

(1) A captive insurer may provide reinsurance on risks ceded by an affiliate of the insurer or a controlled unaffiliated business. (2) A captive insurer may take credit for reserves on risks or portions of risks ceded to reinsurers if the credit is acceptable to the Director of the Department of Consumer and Business Services. (3) Subject to the prior written approval of the director, a captive insurer may participate in a pool for the purpose of risk distribution sharing. However, a captive insurer may not join or contribute financially to a plan, pool, association or guaranty or insolvency fund in this state, and a captive insurer, or its insured or its parent or any affiliated company or any member organization of its association, may not receive a benefit from a plan, pool, association or guaranty or insolvency fund for claims arising out of the operations of the captive insurer. (4) A captive reinsurer must annually file with the department an actuarial opinion provided by a qualified actuary on loss and loss adjustment expense reserves. The qualified actuary providing the actuarial opinion must be independent and may not be an employee of the captive reinsurer or an affiliate of the captive reinsurer for which the actuarial opinion is filed. (5) A captive reinsurer may discount its loss and loss adjustment expense reserves only as allowed in rules adopted by the director. (6) The director may disallow the discounting of loss and loss adjustment reserves of a captive reinsurer if the captive reinsurer violates any provision of ORS 735.150 to 735.190. [2012 c.84 §11] Note: See note under 735.150.
OR Rev Stat § 735.170 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.170 - Rating organization.

A captive insurer is not required to join a rating organization. [2012 c.84 §12] Note: See note under 735.150.
OR Rev Stat § 735.174 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.174 - Examination; frequency; scope; payment of expenses.

(1)(a) The Director of the Department of Consumer and Business Services shall examine the affairs of each captive insurer once in each three-year period. (b) The three-year period described in paragraph (a) of this subsection is determined on the basis of three full annual accounting periods of operation. (c) The examination is to be made as of December 31 of the full three-year period or as of the last day of the month of an annual accounting period authorized for a captive insurer under this section. (d) In addition to an examination required under this subsection, the director may examine a captive insurer whenever the director determines it to be prudent. (2) During an examination under this section, the director shall thoroughly examine the affairs of the captive insurer to ascertain: (a) The financial condition of the captive insurer; (b) The ability of the captive insurer to fulfill the obligations of the captive insurer; and (c) Whether the captive insurer meets the requirements of ORS 735.150 to 735.190. (3) The director may expand the three-year period described in subsection (1) of this section to five years if during that period a captive insurer is subject to a comprehensive annual audit: (a) Of a scope satisfactory to the director; and (b) Performed by independent auditors approved by the director. (4) The director may accept a comprehensive annual independent audit in lieu of an examination if the scope of the examination is satisfactory to the director and the examination is performed by a qualified independent auditor. (5) A captive insurer that is examined under this section shall pay the expenses and charges of the examination. [2012 c.84 §14] Note: See note under 735.150.
OR Rev Stat § 735.176 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.176 - Compliance with sound actuarial principles.

Notwithstanding the limits of risk set forth in ORS 731.504, any captive insurer for which the Director of the Department of Consumer and Business Services issues a certificate of authority under ORS 735.150 to 735.190 must comply with sound actuarial principles as determined by the director and must submit reports demonstrating such compliance to the director. [2012 c.84 §15] Note: See note under 735.150.
OR Rev Stat § 735.178 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.178 - Suspension or revocation of certificate of authority.

(1) The Director of the Department of Consumer and Business Services may suspend or revoke the certificate of authority issued to a captive insurer to transact insurance in this state if the captive insurer: (a) Is insolvent or impaired as defined in ORS 734.014; (b) Fails to meet the requirements of ORS 735.150 to 735.190; (c) Refuses or fails to submit an annual report required by ORS 735.172 or any other report or statement required by law or by order of the director; (d) Fails to comply with the charter, bylaws or other organizational document of the captive insurer; (e) Fails to submit to an examination under ORS 735.174 or 735.182 or any legal obligation relative to an examination under ORS 735.174 or 735.182; (f) Refuses or fails to pay the cost of examination under ORS 735.174 or 735.182; (g) Uses methods that, although not otherwise specifically prohibited by law, render: (A) The operation of the captive insurer detrimental to the public or the policyholders of the captive insurer according to standards adopted by the director by rule; or (B) The condition of the captive insurer unsound with respect to the public or to the policyholders of the captive insurer; or (h) Otherwise fails to comply with laws of this state. (2) If the director finds, upon examination, hearing or other evidence that a captive insurer has committed any of the acts specified in subsection (1) of this section, the director may suspend or revoke the certificate of authority issued to the captive insurer if the director considers it in the best interest of the public and the policyholders of the captive insurer. [2012 c.84 §16] Note: See note under 735.150.
OR Rev Stat § 735.180 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.180 - Branch captive insurer as pure captive insurer; rules.

Except as otherwise provided in ORS 735.150 to 735.190, a branch captive insurer must be a pure captive insurer with respect to business operations in this state, unless otherwise permitted by rule of the Director of the Department of Consumer and Business Services. [2012 c.84 §17] Note: See note under 735.150.
OR Rev Stat § 735.182 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.182 - Examination of branch captive insurer and alien captive insurer; payment of charges and expenses.

(1) The Director of the Department of Consumer and Business Services shall examine only the branch operations of, and the insurance transacted by, a branch captive insurer in this state if the branch captive insurer: (a) Provides annually to the director a certificate of compliance, or an equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurer is formed; and (b) Demonstrates to the satisfaction of the director that the branch captive insurer is operating in sound financial condition in accordance with ORS 735.150 to 735.190 and all applicable laws and regulations of the jurisdiction in which the branch captive insurer is formed. (2) As a condition of its authority as a branch captive insurer, an alien captive insurer must authorize the director to examine the affairs of the alien captive insurer in the jurisdiction in which the alien captive insurer is formed. (3) An alien captive insurer that is examined under this section shall pay the expenses and charges of the examination. [2012 c.84 §18] Note: See note under 735.150.
OR Rev Stat § 735.184 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 735 - Alternative Insurance|Section 735.184 - Requirements for foreign captive insurer to provide insurance in this state.

Notwithstanding ORS 731.022, a foreign captive insurer may provide insurance in this state if the foreign captive insurer meets both of the following conditions: (1) The foreign captive insurer is domiciled in a state that regulates the foreign captive insurer as a captive insurer and the captive insurer is in good standing in that state. (2) All activities related to the placement of the insurance occurs in the domicile state and the insurance otherwise complies with the laws of the domicile state, including the proposal to make an insurance contract, taking or receiving an application for insurance, collecting a premium or other consideration for the insurance and issuing or delivering policies of insurance. [2012 c.84 §19] Note: See note under 735.150.