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 744.581 - Notices required; rules.

(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services not later than 30 days after:
(A) The licensee opens or closes a place of business in this state or changes the location or contact information for the licensee’s residence or any of the licensee’s places of business in this state;
(B) The licensee begins or stops using or changes an assumed business name under which the licensee engages in business as an adjuster;
(C) A government agency or regulator in this or another state has taken a final action against the licensee;
(D) The licensee receives notice of an initiation or prosecution of criminal charges against the licensee in any United States jurisdiction for any felony or a misdemeanor that involves fraud, dishonesty or a breach of trust; or
(E) The licensee’s authority to act for a business entity begins or terminates.
(b) In the notice a licensee submits under paragraph (a) of this subsection, the licensee shall:
(A) Update any information that has changed from the time the licensee submitted an application for a license or submitted a previous notice under this section; and
(B) Include any relevant documents that describe, support, are evidence of or otherwise illustrate the contents of the notice, including but not limited to copies of complaints, informations or indictments, motions, orders, consents and consent decrees, judgments and any other relevant records or legal documents.
(2) Not later than December 31 of each year, a licensee that is a business entity shall notify the director of any change during the previous calendar year in the licensee’s directors, members or officers, or other persons that own, directly or indirectly, more than 10 percent of any class of equity security of the licensee.
(3) The director by rule may establish a different period within which a licensee must notify the director under subsection (1) or (2) of this section. [2019 c.151 §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 744.602 - Definitions.

As used in ORS 744.602 to 744.665:
(1) "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.
(2) "Insurance consultant" means a person that meets the description in ORS 744.605 of a person that engages in business as an insurance consultant.
(3) "Licensee" means a person that holds a valid and unexpired license to engage in business as an insurance consultant that the person obtained under ORS 744.614.
(4) "Person" means an individual or a business entity.
(5) "Resident" means a licensee that resides or maintains a principal place of business in this state. [2019 c.151 §11]
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 744.605 - Insurance consultant’s license required.

(1) A person may not engage in business as an insurance consultant unless the person holds a valid license the Director of the Department of Consumer and Business Services issues under ORS 744.614 that authorizes the person to engage in business as an insurance consultant. For purposes of this section, a person engages in business as an insurance consultant if:
(a) The person purports or offers to engage in any of the activities described in paragraph (b) of this subsection by using, in conjunction with the person’s name, the title or designation of insurance planner, consultant, adviser or counselor, or financial and insurance planner, consultant, adviser or counselor, or any similar title or designation; or
(b) The person, for compensation other than commission from the sale of insurance, engages, attempts to engage or offers to engage in any of the following activities:
(A) Acting as a consultant regarding insurance.
(B) Giving advice, counsel, opinion or service with respect to the benefits, advantages or disadvantages of insurance that may be issued in this state.
(C) In any other manner providing information about insurance.
(2) For the purposes of subsection (1)(b) of this section, compensation includes consideration paid for financial and other related services the person provides in connection with services referred to in subsection (1)(b) of this section. [1985 c.697 §2; 1989 c.701 §53; 1991 c.810 §15; 1997 c.419 §1; 2019 c.151 §31]
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 744.609 - Exemptions.

The following persons are not insurance consultants for the purposes of this chapter, and the prohibition in ORS 744.605 does not apply to them:
(1) Any attorney-at-law rendering services in the performance of duties of an attorney-at-law.
(2) Any certified public accountant or public accountant rendering services in the performance of the duties of a certified public accountant or public accountant, as authorized by law.
(3) Any person who, while conducting an educational seminar, performs any of the activities described in ORS 744.605 (1)(b).
(4) Any financial institution, as defined in ORS 706.008, or consumer finance licensee under ORS chapter 725.
(5) Any actuary who is a member of an organization determined by the Director of the Department of Consumer and Business Services as establishing standards for the actuarial profession.
(6) A person who provides or offers or purports to provide any of the services described in ORS 744.605 only to an insurance producer or an authorized insurer. [1985 c.697 §3; 1989 c.701 §54; 1991 c.810 §16; 1997 c.419 §2; 1999 c.59 §228; 2003 c.364 §123]
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 744.611 - License application; business entity as applicant; fees.

(1) An applicant for a license to engage in business as an insurance consultant 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, previous experience transacting insurance, 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 insurance consultant;
(c) Lists any assumed business name under which the applicant intends to engage in business as an insurance consultant;
(d) Specifies the portion of the applicant’s time that the applicant will devote to engaging in business as an insurance consultant;
(e) 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;
(f) 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 insurance consultant in the other state;
(g) Identifies the class or classes of insurance that the applicant intends to transact in this state; and
(h) 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 insurance consultant, 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 Consumer and 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 §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 744.617 - 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 insurance consultant under ORS 744.614 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 744.614 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 insurance consultant only to the extent permitted under the individual licensee’s license. [2019 c.151 §14]
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 744.619 - Qualifications for resident insurance consultant’s license; rules.

(1) An individual who applies for a license to engage in business as a resident insurance consultant 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) Have at least five years’ experience in the insurance business that relates to the categories of insurance business or classes of insurance that the applicant intends to transact under the license or have equivalent education or qualifications that the Director of the Department of Consumer and Business Services specifies by rule;
(c) Provide satisfactory evidence to the director that the applicant has procured and has in effect the insurance required under ORS 744.635; and
(d) 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 insurance consultant’s duties and responsibilities under the Insurance Code and other laws of this state. The requirement in this paragraph does not apply to an insurance producer who holds a license to transact the categories of insurance business or classes of insurance that the insurance producer intends to transact as an insurance consultant.
(2) A business entity that applies for a license to engage in business as a resident insurance consultant must establish an office in this state that is managed by an individual who is licensed as an insurance consultant.
(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 744.611 or 744.614 and that the director by rule specifies that the jurisdiction, regulatory body, vendor or person may collect. [1985 c.697 §5; 1989 c.701 §57; 1991 c.810 §17; 2003 c.364 §124; 2019 c.151 §32]
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 744.621 - Qualifications for nonresident insurance consultant’s license; rules.

(1) The Director of the Department of Consumer and Business Services may issue a license to engage in business as an insurance consultant to a person who resides in another state or province of Canada and is licensed in that state or province as an insurance consultant or is registered under a regulatory program of the other state or province that the director determines is similar to the regulatory program for insurance consultants under this chapter, if the state or province in which the person resides gives the same privilege to a resident insurance consultant.
(2) An applicant for a license to engage in business as a nonresident insurance consultant shall apply for the license as provided in ORS 744.611 and must:
(a) Have at least five years’ experience in the insurance business that relates to the categories of insurance business or classes of insurance that the applicant intends to transact under the license or have equivalent education or qualifications that the director specifies by rule;
(b) Provide satisfactory evidence to the director that the applicant has procured and has in effect the insurance required under ORS 744.635; and
(c) 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 insurance consultant’s duties and responsibilities under the Insurance Code and other laws of this state. The requirement in this paragraph does not apply to an insurance producer who holds a license to transact the categories of insurance business or classes of insurance that the insurance producer intends to transact as an insurance consultant.
(3) In addition to the requirements set forth in subsection (2) of this section, an applicant must satisfy any other requirement the director specifies by rule. [1989 c.701 §58; 1991 c.810 §18; 2003 c.364 §125; 2019 c.151 §33]
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 744.626 - Classes of insurance for consultants.

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 insurance consultant are:
(1) Life insurance.
(2) Health insurance.
(3) Property and casualty insurance. Under this class, in addition to property and casualty insurance, an insurance consultant may also engage in business as an insurance consultant with respect to marine and transportation and surety insurance.
(4) Any class of insurance the director specifies by rule. [1989 c.701 §62; 2003 c.802 §171; 2019 c.151 §34]
Note:
744.626 was made a part of 744.602 to 744.665 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 744.631 - Change of circumstance of nonresident insurance consultant.

(1) A nonresident insurance consultant may not engage in business as an insurance consultant in this state if the insurance consultant no longer holds a valid license as an insurance consultant in the state or province in which the insurance consultant resides. If the insurance consultant’s license in the state in which the insurance consultant resides is reinstated and has not expired, the insurance consultant may apply to the Director of the Department of Consumer and Business Services for reinstatement as a licensee.
(2) A nonresident insurance consultant who establishes residence in this state may not engage in business as an insurance consultant in this state under a nonresident license after the 30th day after the insurance consultant establishes the residence. An insurance consultant who is a resident may thereafter engage in business as an insurance consultant in this state only after becoming a resident licensee.
(3) A nonresident insurance consultant 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 §61; 1995 c.639 §7; 2019 c.151 §35]
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 744.635 - Errors and omissions insurance; rules.

(1) An insurance consultant shall maintain with the Director of the Department of Consumer and Business Services a current certificate of errors and omissions insurance in an amount established by the director by rule from an insurer authorized to do business in this state or from any other insurer acceptable to the director according to standards established by rule.
(2) If the director determines that errors and omissions 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 becomes available once again. [1985 c.697 §8; 1989 c.701 §63; 1991 c.331 §131; 1991 c.810 §19]
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 744.638 - 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 insurance consultant. 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 §15]
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 744.641 - Notices required; rules.

(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services not later than 30 days after:
(A) The licensee opens or closes a place of business in this state or changes the location or contact information for the licensee’s residence or any of the licensee’s places of business in this state;
(B) The licensee begins or stops using or changes an assumed business name under which the licensee engages in business as an insurance consultant;
(C) A government agency or regulator in this or another state has taken a final action against the licensee;
(D) The licensee receives notice of an initiation or prosecution of criminal charges against the licensee in any United States jurisdiction for any felony or a misdemeanor that involves fraud, dishonesty or a breach of trust; or
(E) The licensee’s authority to act for a business entity begins or terminates.
(b) In the notice a licensee submits under paragraph (a) of this subsection, the licensee shall:
(A) Update any information that has changed from the time the licensee submitted an application for a license or submitted a previous notice under this section; and
(B) Include any relevant documents that describe, support, are evidence of or otherwise illustrate the contents of the notice, including but not limited to copies of complaints, informations or indictments, motions, orders, consents and consent decrees, judgments and any other relevant records or legal documents.
(2) Not later than December 31 of each year, a licensee that is a business entity shall notify the director of any change during the previous calendar year in the licensee’s directors, members or officers, or other persons that own, directly or indirectly, more than 10 percent of any class of equity security of the licensee.
(3) The director by rule may establish a different period within which a licensee must notify the director under subsection (1) or (2) of this section. [2019 c.151 §16]
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 744.650 - Disclosure by insurance consultants; rules.

(1) An insurance consultant shall furnish to each client and prospective client a written disclosure statement containing the following information:
(a) A description of the nature of the work to be performed by the insurance consultant.
(b) The applicable occupational and educational background of the insurance consultant.
(c) The area or areas of insurance in which the insurance consultant has particular expertise.
(d) The fee schedule and any other expenses that the insurance consultant charges, and whether fees may be negotiated.
(e) The name of any person, other than clients, that the insurance consultant represents.
(f) Whether the insurance consultant will receive any commission or obtain any other compensation for services provided the client in addition to fees and other expenses paid by the client.
(g) Any other information required by the Director of the Department of Consumer and Business Services by rule.
(2) An insurance consultant shall disclose information required under this subsection to each client in the course of providing insurance consultant services to the client and before the insurance consultant makes any final insurance recommendation to the client. The insurance consultant shall disclose at least the following information as applicable to the line of insurance for which the insurance consultant is providing services:
(a) Other business activities of the insurance consultant relating to financial planning.
(b) The method of investment analysis and comparison used.
(c) Assumptions contributing to insurance recommendations for the client.
(d) Any other information required by the director by rule.
(3) The director may establish additional disclosure requirements for licensees who are licensed both as insurance producers and insurance consultants.
(4) The director may design the form of disclosure statement to be used under subsection (1) of this section. [1985 c.697 §11; 1991 c.810 §20; 2003 c.364 §126]
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 744.655 - Rebates prohibited.

An insurance consultant may not give or receive or offer to give or receive a rebate of all or a part of any fee or other expenses charged for services or any earnings, profit, dividends or other benefit accruing to the insurance consultant from the services provided by the insurance consultant. [1985 c.697 §12; 1991 c.810 §23]
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 744.665 - Continuing education; rules.

The Director of the Department of Consumer and Business Services by rule may establish requirements for continuing education that each insurance consultant must satisfy as a condition for continuation of the license. [1985 c.697 §14]
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 744.700 - Definitions for ORS 744.700 to 744.740.

As used in ORS 744.700 to 744.740:
(1) "Affiliate" of, or person "affiliated" with, a specific person means any person who directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, a specified person.
(2) "Control" has the meaning given that term in ORS 732.548.
(3) "Insurer" includes a health care service contractor, a multiple employer welfare arrangement or any other person providing a plan of insurance subject to state insurance regulation. "Insurer" does not include a bona fide employee benefit plan established by an employer or an employee organization, or both, for which the insurance laws of this state are preempted pursuant to the Employee Retirement Income Security Act of 1974.
(4) "Underwrite" or "underwriting" includes the acceptance of employer or individual applications for coverage of individuals in accordance with the written rules of the insurer, the overall planning and coordinating of an insurance program and the ability to procure bonds and excess insurance. [1991 c.812 §2]
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 744.702 - Third party administrator license; description of transacting business as third party administrator.

(1) Subject to ORS 744.704, a person shall not transact business or purport or offer to transact business as a third party administrator in this state unless the person holds a third party administrator license issued by the Director of the Department of Consumer and Business Services.
(2) For purposes of ORS 744.700 to 744.740, a person transacts or purports or offers to transact business as a third party administrator when the person directly or indirectly solicits or effects coverage of, underwrites, collects charges or premiums from, or adjusts or settles claims on, residents of this state or residents of another state from offices in this state, in connection with life insurance or health insurance coverage.
(3) Nothing in ORS 744.700 to 744.740 exempts a third party administrator from any other applicable licensing requirement when the third party administrator performs the functions of an insurance producer, adjuster or insurance consultant. [1991 c.812 §3; 2003 c.364 §127]
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 744.706 - Application for license.

(1) In order to obtain a license to transact business as a third party administrator, 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, including satisfactory evidence that the insurance required under ORS 744.726 has been procured and is in effect. The director may also require a statement of the business plan of the applicant. [1991 c.812 §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 744.708 - Waiver of information requirement.

Upon request from a third party administrator, the Director of the Department of Consumer and Business Services may waive requirements established pursuant to ORS 744.706 for information to be included in or with the application if the third party administrator has a valid license or other document of authority as a third party administrator issued in a state having requirements for third party administrators that the director determines to be sufficiently similar to the requirements established under ORS 744.706 so that the filing of the information would serve little or no regulatory purpose. [1991 c.812 §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 744.710 - Issuance or denial of license.

(1) If the Director of the Department of Consumer and Business Services determines that an applicant has satisfied all requirements for a license as a third party administrator, the director shall issue the license to the applicant. The director shall not issue a license if the director determines that the third party administrator, or any individual responsible for the conduct of affairs of the third party administrator, as required to be set forth in the application for the license, is not competent, trustworthy, financially responsible or of good personal and business reputation, or has had a license or other document of authority to transact insurance as an insurer, insurance producer or third party administrator denied or revoked for cause by any state.
(2) If the director denies an application, the director shall so inform the applicant, stating the grounds for the denial. [1991 c.812 §7; 2003 c.364 §129]
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 744.712 - Expiration and renewal of license; rules for renewal.

(1) A license of a third party administrator 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 of third party administrators. [1991 c.812 §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 744.714 - Registration of persons exempt from licensure.

A person who is exempt from the requirement of a license as a third party administrator under ORS 744.704 because the person acts solely as an administrator of one or more bona fide employee benefit plans established by an employer or an employee organization, or both, for which the Insurance Code is preempted pursuant to the Employee Retirement Income Security Act of 1974, shall register with the Director of the Department of Consumer and Business Services annually, verifying the status of the person as qualifying for the exemption. [1991 c.812 §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 744.716 - Notification of change in ownership or control.

A third party administrator 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 third party administrator for a license as a third party administrator in this state. [1991 c.812 §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 744.722 - Relationship of insurer and third party administrator regarding payments.

(1) When an insurer uses the services of a third party administrator:
(a) Payment to the third party administrator of any premiums or charges for insurance by or on behalf of the insured party shall be considered to have been received by the insurer.
(b) Payment of return premiums or claim payments forwarded by the insurer to the third party administrator shall not be considered to have been paid to the insured party or claimant until the payment is received by the insured party or claimant.
(2) Nothing in this section limits any right of the insurer against the third party administrator resulting from failure by the third party administrator to make payments to the insurer, insured parties or claimants. [1991 c.812 §13]
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 744.724 - Books and records.

(1) Except as provided in subsection (4) of this section, a third party administrator shall maintain and make available to the insurer complete books and records of each transaction performed on behalf of the insurer. The books and records shall be maintained in accordance with prudent standards of insurance recordkeeping and must be maintained for a period of not less than five years from the date of their creation.
(2) The Director of the Department of Consumer and Business Services shall have access to the books and records maintained under subsection (1) of this section for the purpose of examination, audit and inspection. Any document, material or other information in the possession or control of the director that is furnished by a third party administrator, an insurer, an agent or an employee or an agent acting on behalf of the third party administrator, insurer or insurance producer, or that is obtained by the director in an investigation, shall be confidential as provided in ORS 705.137.
(3) An insurer that has entered into an agreement with a third party administrator shall own the records generated by the third party administrator pertaining to the insurer. However, the third party administrator has the right to continuing access to the books and records to permit the third party administrator to fulfill all of its contractual obligations to insured parties, claimants and the insurer.
(4) If an insurer and third party administrator cancel their agreement, the third party administrator may agree in writing with the insurer to transfer all records to a successor third party administrator. If the agreement includes provisions to transfer the records, the third party administrator is no longer responsible for retaining the records for the five-year period. The successor third party administrator shall acknowledge in writing as part of its agreement with the insurer that it is responsible for retaining the records of the prior third party administrator as required in subsection (1) of this section. [1991 c.812 §14; 2001 c.377 §16; 2003 c.364 §130]
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 744.726 - Errors and omissions insurance; rules.

(1) A third party administrator 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 third party administrator 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 becomes available. [1991 c.812 §15]
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 744.728 - Advertising.

A third party administrator may use only such advertising pertaining to the business underwritten by an insurer that the insurer has approved in advance of its use. [1991 c.812 §16]
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 744.730 - Disposition of charges and premiums.

(1) A third party administrator shall hold in a fiduciary capacity all insurance charges or premiums collected by the third party administrator on behalf of or for an insurer, and all return premiums received from the insurer. The third party administrator shall immediately remit all charges, premiums or return premiums to the person entitled to them or shall deposit them promptly in a fiduciary account established and maintained by the third party administrator in a federally or state insured financial institution. The fiduciary account may be used only for deposits authorized under this subsection.
(2) If the charges or premiums deposited in a fiduciary account have been collected on behalf of or for one or more insurers, a third party administrator shall keep records clearly recording the deposits in and withdrawals from the account on behalf of each insurer. The third party administrator shall keep copies of all such records and, upon request of an insurer, shall furnish the insurer with copies of the records pertaining to such deposits and withdrawals.
(3) A third party administrator shall not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited.
(4) All claims by a third party administrator from funds collected on behalf of the insurer shall be paid only on drafts of and as authorized by the insurer.
(5) A third party administrator that is an insurance producer licensed under this chapter need not comply with this section if the third party administrator is in compliance with ORS 744.083 or 744.084 with respect to the premiums, charges and return premiums referred to in this section. [1991 c.812 §17; 2003 c.364 §131]
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 744.732 - Contingent fee agreements.

(1) A third party administrator shall not enter into any agreement or understanding with an insurer the effect of which is to make the amount of the third party administrator’s commissions, fees or charges contingent upon savings effected in the adjustment, settlement and payment of losses covered by the obligations of the insurer.
(2) This section does not prohibit:
(a) A third party administrator from receiving performance-based compensation for providing hospital or other auditing services; or
(b) A third party administrator from receiving compensation based on premiums or charges collected or on the number of claims processed.
(3) The third party administrator shall disclose to the insurer all charges, fees and commissions received from all sources in connection with the provision of administrative services for the insurer, including any fees or commissions paid by insurers providing reinsurance. [1991 c.812 §18]
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 744.734 - Notice to insureds regarding third party administrator.

(1) When an insurer uses the services of a third party administrator, the third party administrator shall provide to covered individuals a written notice approved by the insurer that advises them of the identity of and relationship among the third party administrator, the policyholder and the insurer.
(2) When a third party administrator collects funds, the reason for collection of each item must be identified to the insured party and each item must be shown separately from any premium. Additional charges may not be made for services to the extent the services have been paid for by the insurer. [1991 c.812 §19]
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 744.736 - Delivery from insurer to insured.

When the third party administrator receives policies, certificates, booklets, termination notices or other written communications from the insurer for delivery to insured parties or covered individuals, the third party administrator shall promptly make the delivery after receiving instructions from the insurer. [1991 c.812 §20]
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 744.738 - Annual report.

(1) Each third party administrator shall file an annual report for the preceding calendar year with the Director of the Department of Consumer and Business Services on or before March 1 of each year, or within such extension of time therefor as the director may grant. The report shall be in the form and contain such information as the director prescribes and shall be verified by at least two officers of the third party administrator if the third party administrator is a corporation, and by two partners if the third party administrator is a partnership.
(2) The annual report shall include the complete names and addresses of all insurers with which the third party administrator had an agreement during the preceding fiscal year. [1991 c.812 §21]
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 744.740 - Responsibility of insurer using third party administrator.

(1) An insurer who uses the services of a third party administrator is responsible for determining the benefits, premium rates, underwriting criteria and claims payment procedures applicable to the coverage and for securing any reinsurance. The rules pertaining to such matters must be provided in writing by the insurer to the third party administrator.
(2) An insurer is solely responsible for providing competent administration of its programs.
(3) When a third party administrator administers benefits for more than 100 certificate holders on behalf of an insurer, the insurer shall conduct a review of the operations of the third party administrator at least annually. [1991 c.812 §22]
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 744.802 - Exemptions from application of requirements for reinsurance intermediary brokers and managers.

(1) An officer or employee of a ceding insurer is not subject to the requirements of ORS 744.800 to 744.818 that apply to reinsurance intermediary brokers, with respect to the ceding insurer.
(2) When engaged in a relationship described in this subsection, the following persons are not subject, with respect to the reinsurer in the relationship, to the requirements of ORS 744.800 to 744.818 that apply to reinsurance intermediary managers:
(a) An employee of the reinsurer.
(b) A United States manager of the United States branch of an alien reinsurer.
(c) An underwriting manager who, pursuant to contract, manages all of the reinsurance operations of the reinsurer, is under common control with the reinsurer and subject to ORS 732.517 to 732.596, and whose compensation is not based on the volume of premiums written.
(d) The manager of a group, association, pool or organization of insurers who engage in joint underwriting or joint reinsurance and who are subject to examination by the insurance regulatory official of the state in which the manager’s principal business office is located.
(3) An attorney-at-law rendering services in the performance of duties of an attorney-at-law is not subject to the requirements of ORS 744.800 to 744.818 that apply to reinsurance intermediary brokers or reinsurance intermediary managers. [1993 c.447 §75; 2003 c.364 §28]