reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.300 - License and indorsement; managing general agent described.

(1) A person shall not act as a managing general agent with respect to risks located in this state for an authorized insurer unless the person holds a license issued under ORS 744.062 authorizing the person to act as an insurance producer and indorsed to authorize the person to act as a managing general agent.
(2) A person shall not act as a managing general agent representing a domestic insurer with respect to risks located outside this state unless the person holds a license issued under ORS 744.062 authorizing the person to act as an insurance producer and indorsed to authorize the person to act as a managing general agent.
(3) For purposes of ORS 744.300 to 744.316, a person acts as a managing general agent when the person:
(a) Negotiates and binds ceding reinsurance contracts on behalf of an authorized insurer or manages all or part of the insurance business of an authorized insurer, including the management of a separate division, department or underwriting office, and acts as an insurance producer for the insurer, whether the person is known as a managing general agent, manager or other similar term; and
(b) With or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year, together with either or both of the following activities:
(A) Adjusting or paying claims in excess of an amount determined by the Director of the Department of Consumer and Business Services.
(B) Negotiating reinsurance on behalf of the insurer.
(4) The provisions of ORS 744.062 governing application for amendment of a license apply to the indorsement of the license of an insurance producer for authority to act as a managing general agent, except that an examination is not required for the indorsement.
(5) The provisions of this section are subject to exemptions stated in ORS 744.301. [1991 c.495 §2; 2001 c.191 §39; 2003 c.364 §119]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.301 - Exemptions from license requirement.

The following persons are exempt from ORS 744.300:
(1) An employee of an insurer, when the employee is acting as a managing general agent for the insurer.
(2) A United States manager of the United States branch of an alien insurer.
(3) An underwriting manager who, pursuant to contract, manages all the insurance operations of the insurer, is under common control with the insurer and is subject to ORS 732.517 to 732.596, and whose compensation is not based on the volume of premiums written.
(4) The attorney or attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney. [1991 c.495 §3; 1993 c.447 §63a]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.303 - Certificate of errors and omissions insurance; rules.

(1) A managing general agent must maintain with the Director of the Department of Consumer and Business Services at all times a current certificate of errors and omissions insurance, in an amount established by the director by rule, from an insurer authorized to transact insurance in this state or from any other insurer acceptable to the director according to standards established by rule. The insurance must cover errors and omissions of and any violation of fiduciary responsibility by the managing general agent or its employees, or both.
(2) If the director determines that insurance required under this section is not generally available at a reasonable cost, the director by rule may suspend the requirement of insurance, but must reimpose the requirement when the insurance once again becomes generally available. [1991 c.495 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.308 - Limitations on authority of insurer and managing general agent.

(1) An insurer shall not allow a managing general agent, without prior approval of the insurer, to pay or commit the insurer to pay a claim over the amount, net of reinsurance, specified in the contract under ORS 744.306. The amount established in the contract shall not exceed one percent of the insurer’s policyholder surplus as of December 31 of the last completed calendar year.
(2) Neither an insurer nor a managing general agent may allow a subagent of the managing general agent to serve on the board of directors of the insurer.
(3) An insurer and a managing general agent may not jointly employ any individual. [1991 c.495 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.311 - Books, bank accounts and records.

A managing general agent shall maintain all of its books, bank accounts and records in a form usable by the Director of the Department of Consumer and Business Services. The managing general agent shall allow the director access to all of its books, bank accounts and records. [1991 c.495 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.314 - Rules.

The Director of the Department of Consumer and Business Services may adopt rules to carry out ORS 744.300 to 744.316. [1991 c.495 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.316 - Authority of director if managing general agent violates provisions of ORS 744.300 to 744.316.

If the Director of the Department of Consumer and Business Services finds that a managing general agent has violated any provision of ORS 744.300 to 744.316, the director may order the managing general agent to reimburse the insurer or the rehabilitator or liquidator of the insurer for losses incurred by the insurer because of the violation. The director may take action under this section in addition to or instead of any other action the director may take under the Insurance Code. [1993 c.447 §63c]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.321 - Life settlement providers.

(1) A person shall not act as a life settlement provider unless the person holds a license of life settlement provider issued by the Director of the Department of Consumer and Business Services.
(2) A life settlement provider may use the term "viatical settlement provider" to describe the business transacted under the license and may use the term "viatical settlement contract" instead of "life settlement contract."
(3) A related provider trust must have a written agreement with a licensed life settlement provider under which the licensed life settlement provider is responsible for ensuring compliance with all statutory and regulatory requirements and under which the trust agrees to make all records and files related to life settlement transactions available to the director as if those records and files were maintained directly by the licensed life settlement provider. [1995 c.342 §3; 2009 c.711 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.323 - Life settlement brokers.

(1) A person shall not act as a life settlement broker unless the person holds a license of life settlement broker issued by the Director of the Department of Consumer and Business Services.
(2) A life insurance producer who has been duly licensed as a resident insurance producer with a life line of authority in this state or the producer’s home state for at least one year and is licensed as a nonresident producer in this state meets the licensing requirements of this section and is permitted to operate as a life settlement broker in this state.
(3) A life settlement broker may use the term "viatical settlement broker" to describe the business transacted under the license and may use the term "viatical settlement contract" instead of "life settlement contract." [1995 c.342 §4; 2009 c.711 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.324 - Life settlement investment agents.

A person shall not operate as a life settlement investment agent unless the person holds a license of life settlement investment agent issued by the Director of the Department of Consumer and Business Services or the person has obtained the appropriate license from the equivalent chief insurance regulatory official of the state of residence of the life settlement purchaser whom the agent is negotiating with on behalf of a life settlement provider. If there is more than one purchaser of a single policy and the purchasers are residents of different states, the life settlement investment agent must be licensed by the state in which the purchaser having the largest percentage ownership resides or, if the purchasers hold equal ownership, the state of residence of one purchaser agreed upon in writing by all purchasers. [2009 c.711 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.326 - License application; fee.

(1) In order to obtain a license to transact business as a life settlement provider or as a life settlement broker, an applicant shall apply for the license on a form prescribed by the Director of the Department of Consumer and Business Services, with payment of any fee required for the application.
(2) The director may request biographical, organizational, locational, financial, employment and any other information on the application form that the director determines to be relevant to the evaluation of applications and to the granting of the license. The director may also require a statement of the business plan or plan of operation of the applicant. The director may also require an applicant for a life settlement provider license to file with the application a copy of the life settlement contract that the applicant intends to use in business under the license.
(3) If an applicant is a corporation, the corporation must be incorporated under the laws of this state or must be a foreign corporation authorized to transact business in this state. [1995 c.342 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.328 - Issuance of license.

(1) If the Director of the Department of Consumer and Business Services determines that an applicant has satisfied all requirements for the license for which application is made, the director shall issue the license to the applicant. The director may issue a license if the director determines that the applicant, as required to be set forth in the application for the license:
(a) Has not engaged in conduct that would authorize the director to refuse to issue a license under ORS 744.338;
(b) Is competent and trustworthy and intends to act in good faith in the capacity specified by the license applied for;
(c) Has demonstrated evidence of financial responsibility in a format prescribed by the director through either a surety bond executed in an amount and in a manner prescribed by the director or a deposit of cash, certificates of deposit or securities or any combination thereof in an amount and manner prescribed by the director. The director shall accept as evidence of financial responsibility proof that financial instruments consistent with the requirements under this paragraph have been filed with at least one state in which the applicant is licensed as a life settlement provider, life settlement broker or life settlement investment agent;
(d) Has a good business reputation and has had experience, training or education so as to be qualified in the business of the licensee;
(e) If a life settlement provider or broker, has provided an antifraud plan under ORS 744.374 (10); and
(f) If a life settlement provider, has provided a detailed plan of operation in a manner prescribed by the director.
(2) The director may refuse to issue a license in the name of any firm, partnership or corporation if the director is not satisfied that any officer, employee, stockholder or partner thereof who may materially influence the conduct of the applicant meets the standards of this section.
(3) The director may issue a license to a nonresident applicant only if the nonresident applicant files with the director in writing an appointment of the director to be the attorney of the applicant upon whom all legal process in any action or proceeding against the applicant may be served. In the appointment, the applicant shall agree that any lawful process against the applicant that is served upon the director shall be of the same legal force and validity as if served upon the applicant, and that the authority shall continue in force so long as any liability remains outstanding in this state. An appointment under this subsection becomes effective on the date that the director issues the license to the applicant.
(4) If the director denies an application, the director shall so inform the applicant, stating the grounds for the denial. [1995 c.342 §6; 2009 c.711 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.331 - Expiration of license; rules for renewal.

(1) A license issued under ORS 744.328 expires on its expiration date unless it is renewed on or before its expiration date.
(2) Unless the Director of the Department of Consumer and Business Services designates another date, a license expires on the last day of the month in which the second anniversary of the initial issuance date of the license occurs, and on the second anniversary following each renewal.
(3) The director by rule may establish requirements for renewing licenses. [1995 c.342 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.333 - Individual acting as provider under license of firm or corporation.

An individual may act as a life settlement provider under the authority of the license of a firm or corporate life settlement provider, whether or not the individual holds a license as a life settlement provider, if:
(1) The individual is a member or employee of the firm or is an employee, officer or director of the corporation; and
(2) The individual is designated by the firm or corporation on its license application or on an amendatory or supplementary form thereto as authorized to act as a life settlement provider under the authority of the license. [1995 c.342 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.336 - Notification by licensee of material change affecting qualification for license.

A licensee shall immediately notify the Director of the Department of Consumer and Business Services of any material change in ownership or control or in any other matter affecting the qualification of the licensee for the license in this state. [1995 c.342 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.341 - Terms of contract.

(1) A life settlement contract must be in writing. A life settlement provider shall establish in the contract the terms under which the life settlement provider will pay compensation or anything of value in return for the policyholder’s or certificate holder’s assignment, transfer, sale, devise or bequest of the death benefit or ownership of the insurance policy or certificate to the life settlement provider.
(2) A life settlement provider shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless the life settlement provider has filed the form with the Director of the Department of Consumer and Business Services and the director has approved the form. The director shall disapprove a life settlement contract form if, in the director’s opinion, the contract or any provision of the contract is unreasonable, contrary to the interests of the public, otherwise misleading or unfair to the policyholder or certificate holder or in violation of any of the requirements of ORS 744.318 to 744.384, 744.991 and 744.992.
(3) Each life settlement contract entered into in this state must contain a provision enabling the policyholder or certificate holder to rescind the contract not later than the 60th day after the date on which the contract is executed by all parties or not later than the 30th day after the policyholder or certificate holder receives the life settlement proceeds, whichever is the lesser period. In order to rescind such a contract, a policyholder or certificate holder who has received the proceeds must return them to the life settlement provider. [1995 c.342 §11; 2009 c.711 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.346 - Examination of business and practices of licensee or applicant; records.

(1) The Director of the Department of Consumer and Business Services may examine the business and practices of any licensee or applicant for a license when the director determines an examination to be necessary. The director may order a licensee or applicant to produce any records, books, files or other information reasonably necessary to ascertain whether or not the licensee or applicant is acting or has acted in violation of the law or otherwise contrary to the interests of the public. The expenses incurred in conducting any examination shall be paid by the licensee or applicant.
(2)(a) A person required to be licensed under ORS 744.321 and 744.323 shall for five years retain copies of all:
(A) Proposed, offered or executed contracts, purchase agreements, underwriting documents, policy forms and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later;
(B) Checks, drafts or other evidence and documentation related to the payment, transfer, deposit or release of funds from the date of the transaction; and
(C) Other records and documents related to the requirements under ORS 744.318 to 744.384, 744.991 and 744.992.
(b) This section does not relieve a person of the obligation to produce these documents for the director after the retention period has expired if the person has retained the documents.
(c) Records required to be retained by this section must be legible and complete and may be retained in paper, photograph, microprocess, magnetic, mechanical or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.
(3) The director at any time may require a licensee to fully disclose the identity of all stockholders, partners, officers and employees.
(4) Names of, and individual identification data for, all policyholders and certificate holders who have entered life settlement contracts with life settlement providers are confidential as provided in ORS 705.137. [1995 c.342 §13; 2001 c.377 §15; 2009 c.711 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.353

[1995 c.342 §16; 2007 c.100 §31; renumbered 744.382 in 2009]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.358

[1995 c.342 §18; 2009 c.711 §20; renumbered 744.384 in 2009]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.359 - Disclosure by life settlement broker or provider to insurer.

Prior to the initiation of a plan, transaction or series of transactions, a life settlement broker or life settlement provider shall fully disclose to an insurer the plan, transaction or series of transactions to which the life settlement broker or life settlement provider is a party, to originate, renew, continue or finance a life insurance policy with the insurer for the purpose of engaging in the business of life settlements at anytime prior to, or during the first five years after, issuance of the policy. [2009 c.711 §12]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.362 - Disclosure by insurance company to policy owner; rules.

(1) With respect to each policy issued by an insurance company, the insurance company shall provide notice to the owner of an individual life insurance policy when the insured person under such a policy is 60 years of age or older and:
(a) The life insurance company receives notice from such an owner of a request to surrender, in whole or in part, an individual policy;
(b) The life insurance company receives notice from such an owner of a request to receive an accelerated death benefit under an individual policy; or
(c) The life insurance company sends to such an owner all notices of lapse of an individual policy, other than a term policy.
(2)(a) The notice must consist of the following statement in large, bold or otherwise conspicuous typeface calculated to draw the eye: "Life insurance is a critical part of a broader financial plan. There are many options available, and you have the right to shop around and seek advice from different financial advisers in order to find the option best suited to your needs."
(b) The communication of the notice must also contain a statement advising the recipient that the recipient may contact the Division of Financial Regulation of the Department of Consumer and Business Services for more information, and must include an address or other location or manner by which the recipient may contact the Division of Financial Regulation.
(c) The department shall adopt by rule the appropriate address or other location or manner of contact to be included in the required notice.
(3)(a) The Director of the Department of Consumer and Business Services shall make available to the public information designed to educate the consumer about the consumer’s rights as an owner of a life insurance policy. The information must be written in lay terms and must advise the consumer:
(A) That life insurance is a critical part of a broader financial plan, and that the consumer is encouraged, and has a right, to seek additional financial advice and opinions;
(B) That possible alternatives to lapse exist; and
(C) Of the definitions of common industry terms.
(b) The information described in paragraph (a) of this subsection may include brief descriptions of common products available from licensees. These products must be discussed in general terms for informative purposes only, and not be identifiable to any specific licensee. [2009 c.711 §22; 2017 c.17 §59]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.382 - Prohibitions on finder’s fee, solicitations, discrimination.

(1) A licensee may not pay or offer to pay a finder’s fee, commission or other compensation to a person described in this subsection, in connection with a policy insuring the life of an individual with a terminal illness or condition. The prohibition under this subsection applies with respect to payments or offers of payment to:
(a) The physician, naturopathic physician, attorney or accountant of the policyholder, of the certificate holder or of the insured individual when the individual is other than the policyholder or certificate holder.
(b) Any person other than a physician, naturopathic physician, attorney or accountant described in paragraph (a) of this subsection, who provides medical, legal or financial planning services to the policyholder, to the certificate holder or to the insured individual when the individual is other than the policyholder or certificate holder.
(c) Any person other than one described in paragraph (a) or (b) of this subsection who acts as an agent of the policyholder, certificate holder or insured individual.
(2) A licensee may not solicit an investor who could influence the treatment of the illness or condition of the individual whose life would be the subject of a life settlement contract.
(3) All information solicited or obtained from a policyholder or certificate holder by a licensee is subject to ORS 746.600 to 746.690. For purposes of this subsection, a licensee is considered an insurance-support organization within the meaning of ORS 746.600.
(4) A licensee may not discriminate in the making of a life settlement contract on the basis of race, religion, creed, sex, sexual orientation, gender identity, national origin, marital status, age, familial status or occupation or discriminate between persons who have dependents and persons who do not have dependents. [Formerly 744.353; 2017 c.356 §100; 2021 c.367 §48]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.384 - Rules; standards.

The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out ORS 744.318 to 744.384, 744.991 and 744.992. In addition:
(1) The director may establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally ill or chronically ill. The authority includes but is not limited to regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy insuring the life of a person who is terminally ill or chronically ill. For the purpose of the standards, the director shall consider payments made in regional and national life settlement markets, to the extent such information is available, as well as model standards developed by the National Association of Insurance Commissioners.
(2) The director may establish trade practice standards by rule for the purpose of regulating advertising and solicitation of life settlement contracts.
(3) The director may adopt rules governing the relationship and responsibilities of both insurers and life settlement providers, life settlement brokers and life settlement investment agents during the settlement of a life insurance policy or certificate.
(4) The director may adopt rules governing disclosure by a life settlement provider or broker to an insured of the tax implications and effect on life insurance capacity of a life settlement.
(5) The director may adopt rules governing the confidentiality of an insured’s personal financial or medical information provided to a life settlement broker, life settlement provider or life settlement investment agent. [Formerly 744.358]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.430

[Amended by 1955 c.226 §2; 1963 c.463 §3; 1967 c.359 §503; renumbered 743.672]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.502 - Definitions.

As used in ORS 744.502 to 744.584:
(1) "Adjuster" means a person that receives a fee, a commission or other compensation to investigate, negotiate or settle first party or third party losses that arise as claims under the terms of an insurance contract that insures a domestic risk.
(2) "Business entity" means a corporation, limited liability company, partnership, limited liability partnership, association or other legal entity that is incorporated, organized or authorized to engage in business in this state.
(3) "Catastrophe" means an event that the Governor declares as having resulted, in a particular district, county, region or area of this state, in:
(a) A large number of injuries or deaths;
(b) Extensive damage to or destruction of facilities that provide for and sustain human needs;
(c) An overwhelming demand on state and local resources for meeting human needs, responding to injuries or deaths, repairing or reconstructing facilities or otherwise assisting victims of the event;
(d) A severe, long-term effect on general economic activity within this state; or
(e) A severe effect on state, local and private capabilities to respond to the event.
(4) "Designated home state" means a state, district or territory of the United States that a nonresident applicant designates as a home state and in which the nonresident applicant is licensed as if the nonresident applicant was a resident adjuster despite not residing in or maintaining a principal place of business in the state, district or territory.
(5) "Home state" means a state, district or territory of the United States in which an adjuster resides or a state, district or territory of the United States from which a person obtained a license to engage in business as an adjuster and in which the person maintains a principal place of business.
(6) "Licensee" means a person that holds a valid and unexpired license to engage in business as an adjuster that the person obtained under ORS 744.521.
(7) "Person" means an individual or a business entity.
(8) "Resident" means a licensee that resides or maintains a principal place of business in this state. [2019 c.151 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.505 - Adjuster license required.

Except as provided in ORS 744.515, a person may not engage in business as an adjuster unless the person has obtained a license to engage in business as an adjuster under ORS 744.521. [Formerly 736.485; 1983 c.76 §10; 1987 c.774 §139; 1989 c.413 §14; 1989 c.701 §43; 1991 c.810 §12; 2019 c.151 §24]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.518 - License application; business entity as applicant; fees.

(1) An applicant for a license to engage in business as an adjuster shall submit to the Director of the Department of Consumer and Business Services, on a form, in a format and in the manner that the director specifies by rule, an application that:
(a) Lists the applicant’s name, residence and business address, present occupation and occupation during the previous year and the names of the applicant’s employers for the previous five years;
(b) Lists the street address of the applicant’s principal place of business and of all other locations in which the applicant will engage in business as an adjuster;
(c) Lists any assumed business name under which the applicant intends to engage in business as an adjuster;
(d) Discloses whether the applicant:
(A) Is under indictment for, or has previously been convicted of, a crime;
(B) Is or was subject to a judgment for fraud;
(C) Owes a debt to any insurer or insurance producer, together with the nature and details of the indebtedness; and
(D) Has had any occupational or professional license the applicant holds or held in this or another state suspended or revoked or has had a renewal of the license denied;
(e) Includes the applicant’s fingerprints, unless the applicant submitted the applicant’s fingerprints to another state as part of a successful application for a license to engage in business as an adjuster in the other state;
(f) Identifies the class or classes of insurance that the applicant intends to transact in this state; and
(g) Includes any other information the director requires by rule.
(2) An applicant that is a business entity, in addition to providing the information specified in subsection (1) of this section in an application for a license to engage in business as an adjuster, shall:
(a) List the names and addresses of each director, member and officer, and any person that owns, directly or indirectly, more than 10 percent of any class of equity security of the business entity; and
(b) Designate each individual who is responsible for ensuring that the business entity complies with the Insurance Code and all administrative rules that regulate insurance in this state and who will otherwise exercise the powers that the license confers on the licensee.
(3) The applicant shall pay to the Director of the Department of Business Services as part of an application under this section a fee in an amount that the director specifies by rule. Unless the director by rule specifies otherwise, the fee is not refundable. [2019 c.151 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.523 - Conditions for licensing, renewing license for or amending license of business entity.

(1) The Director of the Department of Consumer and Business Services may issue, renew or amend a business entity’s license to engage in business as an adjuster under ORS 744.521 only if the director finds that, for each category of insurance business or class of insurance in which the business entity engages or intends to engage, the business entity employs and acts through an individual who has obtained a license under ORS 744.521 that authorizes the individual to engage in the same category of insurance business or class of insurance.
(2) An individual licensee that a business entity employs or engages by means of a contract may engage in business as an adjuster only to the extent permitted under the individual licensee’s license. [2019 c.151 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.525 - Resident adjuster qualifications; rules.

(1) An individual who applies for a license to engage in business as a resident adjuster must:
(a) Establish a residence or place of business in which the applicant intends to transact insurance in this state before submitting an application;
(b) Pass an examination that the Director of the Department of Consumer and Business Services by rule recognizes as adequately testing the applicant’s qualifications, competence and knowledge of the categories of insurance business and classes of insurance that the applicant intends to transact under a license and the applicant’s knowledge of an adjuster’s duties and responsibilities under the Insurance Code and other laws of this state;
(c) Be trustworthy and reliable and have a good reputation, evidence of which the director will evaluate; and
(d) Be 18 years of age or older at the time the applicant becomes a licensee.
(2) A business entity that applies for a license to engage in business as a resident adjuster must:
(a) Establish an office in this state that employs a licensee; and
(b) Employ or act under the direction of owners or officers who are trustworthy and reliable and have good reputations, evidence of which the director will evaluate.
(3) In addition to the requirements set forth in subsection (1) or (2) of this section, as appropriate, an applicant must satisfy any other requirement the director specifies by rule.
(4) The director may agree or contract with another jurisdiction, regulatory body, private vendor or other person to administer any required examinations and to collect fingerprints, documentation and any fees that an applicant or licensee submits under ORS 744.518 or 744.521 and that the director by rule specifies that the jurisdiction, regulatory body, vendor or person may collect. [1967 c.359 §561; 1971 c.231 §34; 1973 c.827 §81; 1983 c.76 §12; 1989 c.701 §45; 2019 c.151 §26]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.528 - Nonresident adjuster qualifications; rules.

(1) The Director of the Department of Consumer and Business Services may issue a license to engage in business as an adjuster in this state to a person who resides in another state or a province of Canada and is licensed as an adjuster in the state or province or in a designated home state if the state, province or designated home state in which the person is licensed gives the same privilege to a resident adjuster.
(2) An applicant for a license to engage in business as a nonresident adjuster must:
(a) Apply for the license as provided in ORS 744.518; and
(b) Pass an examination that the director by rule recognizes as adequately testing the applicant’s qualifications, competence and knowledge of the categories of insurance business and classes of insurance that the applicant intends to transact under a license and the applicant’s knowledge of an adjuster’s duties and responsibilities under the Insurance Code and other laws of this state, if the applicant is an individual and has not passed an examination with respect to a category of insurance business or class of insurance that the applicant intends to transact in this state. [1989 c.701 §46; 1991 c.810 §13; 2019 c.151 §27]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.531 - Classes of insurance for adjusters.

The classes of insurance that the Director of the Department of Consumer and Business Services may authorize a licensee to transact under a license to engage in business as an adjuster are:
(1) Property and casualty insurance. Under this class, in addition to property and casualty insurance, an adjuster may also adjust losses with respect to marine and transportation and surety insurance.
(2) Health insurance, whether provided by an insurer or a health care service contractor, as defined in ORS 750.005.
(3) Any class of insurance the director specifies by rule. [1989 c.701 §47; 2003 c.802 §170; 2019 c.151 §28]
Note:
744.531 was made a part of 744.502 to 744.584 by legislative action but was not added to ORS chapter 744. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.538 - Change of circumstance of nonresident adjuster.

(1) A nonresident adjuster may not engage in business as an adjuster in this state if the adjuster no longer holds a valid license as an adjuster in the state, province or designated home state in which the adjuster was licensed. If the adjuster’s license in the state, province or designated home state in which the adjuster was licensed is reinstated and has not expired, the adjuster may apply to the Director of the Department of Consumer and Business Services for reinstatement as a licensee.
(2) A nonresident adjuster who establishes residence in this state may not transact business as an adjuster in this state under a nonresident license after the 90th day after the adjuster establishes the residence. An adjuster who is a resident may thereafter engage in business as an adjuster in this state only after becoming a resident licensee.
(3) A nonresident adjuster who changes residence to another state or to a province shall notify the director not later than 30 days after the change. [1989 c.701 §49; 1995 c.639 §6; 2019 c.151 §29]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.541 - Adjustment of claim under policy issued by unauthorized insurer.

An adjuster may adjust a loss claimed under an insurance policy issued by an unauthorized insurer other than a surplus line insurer. The adjuster shall notify the Director of the Department of Consumer and Business Services thereof not later than the 20th day after adjusting the loss. [1989 c.701 §50]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.555 - Temporary adjuster permit; rules.

(1)(a) To facilitate the settlement of claims under insurance policies when there is widespread property loss in this state arising out of a catastrophe, the Director of the Department of Consumer and Business Services may issue a temporary permit to engage in business as an adjuster in this state to any person authorized in another state to adjust losses claimed under insurance policies in the catastrophe area for or against an authorized insurer. A temporary permit the director issues under this section is effective for 90 days or for such additional time as the director determines is necessary. A person may engage in business as an adjuster under the permit in lieu of the license and fee requirements otherwise applicable.
(b) The director may also issue a temporary permit to a person that is licensed or otherwise authorized to engage in business as an adjuster in the person’s home state or designated home state and that an authorized insurer or insured sends to this state to investigate or adjust a particular loss claimed under an insurance policy.
(2) A person may apply for a temporary permit by submitting an application to the director on a form, in a format and in the manner the director specifies by rule. The application, at a minimum, must list the applicant’s name and address and the state in which the applicant is licensed or otherwise authorized to engage in business as an adjuster. [Formerly 736.490; 1989 c.701 §51; 2019 c.151 §30]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.575 - Adjusting claims involving credit life or credit health insurance.

No plan or arrangement shall be used with respect to credit life or credit health insurance whereby any person other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims, except that a group policyholder may, by arrangement with the group insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer. [Formerly 741.455; 1989 c.701 §52]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.578 - Licensee’s place of business.

(1)(a) A licensee that is a resident shall maintain a principal place of business in this state in which the licensee engages in business as an adjuster. The principal place of business may be the licensee’s residence, but the principal place of business must be accessible to the public.
(b) If a licensee that is not a resident has a place of business in this state in which the licensee transacts insurance, the place of business is the licensee’s principal place of business in this state.
(2) A licensee shall keep at the licensee’s place of business all of the usual and customary records for the business in which the licensee engages and must make the records available to the Director of the Department of Consumer and Business Services for inspection during business hours. The licensee shall keep the records of each business transaction for three years after the conclusion of the transaction. [2019 c.151 §8]