reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.430 - Name of insurer.

(1) No insurer shall be formed or authorized to transact insurance in this state which has or will have, or which uses or will use as an assumed business name, a name or principal identifying name factor:
(a) That is the same as or deceptively similar to:
(A) Any other insurer so formed or authorized;
(B) Any name reserved or registered as authorized by this section;
(C) Any name on file with the Secretary of State pursuant to ORS chapter 60, 65 or 648; or
(D) The name of any insurer that was authorized to transact insurance in this state within the preceding 10 years if insurance policies issued by such other insurer still are outstanding in this state. With the consent of the insurer issuing such policies, the Director of the Department of Consumer and Business Services may waive this provision if the director finds that the waiver will not be detrimental to the public; or
(b) That is deceptive or misleading as to the type of organization of the insurer or that does not indicate the insurer is transacting insurance.
(2) Any insurer doing business in this state may file and register with the director in writing, in its articles of incorporation or otherwise, an assumed name that it will use in transacting insurance in this state. Such name may not be a name prohibited by subsection (1) of this section.
(3) Any person may reserve a name for use as a corporate name or an assumed business name in transacting insurance in this state by filing in writing with the director a reservation of such name. Such name may not be a name prohibited by subsection (1) of this section. Such reservation shall expire six months after the date of filing unless:
(a) If filed by an insurer, it is using such name as an authorized insurer; or
(b) If filed by a noninsurer, it has filed with the director a formal application for a permit to form an insurer in this state. If a valid reservation is on file, the director may accept the filing of a same or deceptively similar name by another person which filing shall become effective, in the order of filing, at the expiration of the six-month provision unless the original reservation does not expire pursuant to this subsection.
(4) When an insurer is merged as provided in the Insurance Code, the surviving insurer may retain the use of the name for a period of five years after the effective date of merger. If such name is retained, use of the same or deceptively similar name by other insurers shall be prohibited as specified under this section during the five-year period. [1967 c.359 §92; 1987 c.414 §161a; 1987 c.846 §2; 1993 c.447 §104]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.434 - Registered office and agent.

(1) The provisions, procedures and requirements of ORS chapter 60 relating to a registered office, registered agent and to service of process, notice and demand shall govern all insurers transacting insurance in this state, whether authorized or unauthorized, except that the Director of the Department of Consumer and Business Services shall be substituted for the Secretary of State as the person with whom all filings shall be made and upon whom, in the circumstances specified by statute, such service may be effected.
(2) This section shall not apply to insurers for whom a certificate of authority is not required under ORS 731.374. [1967 c.359 §93; 1987 c.846 §3; 1995 c.79 §358]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.439 - Satisfaction of requirements of ORS 731.438 (1) by certain title plants.

A title plant that conforms on December 31, 1999, with ORS 731.438 (1) and (2) (1997 Edition) satisfies the requirements of ORS 731.438 (1) as amended by section 1, chapter 183, Oregon Laws 1999, if it also contains after that date a general index, adequate maps and currently posted tract or geographic indexes for all lands in the county. [1999 c.183 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.446 - Policyholder deposits.

An insurer may accept, from a holder of a life insurance policy, deposits in addition to current premium payments to provide a fund for payment of future premiums or to make possible the future acquisition of additional insurance, annuities or other benefits, whether the interest to be paid on such deposits be fixed or variable. Such deposits, or any portion thereof, not used for the purposes described in this section shall be refunded to the policyholder or, upon the death of the policyholder, to designated beneficiaries. [1967 c.359 §96]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.450 - Unrelated business prohibited; exceptions; title insurer as escrow agent.

Except as authorized by the federal Gramm-Leach-Bliley Act (P.L. 106-102), an insurer may not engage in any business except the making of insurance or a kind of business related to the insurance business. However, a foreign or alien insurer may engage, outside this state, in any business permitted by its articles of incorporation and the laws of the state of its domicile; and a title insurer also may engage in business as an escrow agent; provided, however, that a title insurer engaging in business as an escrow agent shall be subject to the provisions of ORS 696.505 to 696.590 in respect to its escrow activities. [1967 c.359 §97; 1971 c.398 §5; 1977 c.351 §13; 2001 c.377 §57]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.458 - Exchange of reciprocal or interinsurance contracts.

(1) Individuals, partnerships and corporations of this state, hereby designated as subscribers, may exchange reciprocal or interinsurance contracts with each other, or with individuals, partnerships and corporations of other states and countries, providing indemnity among themselves from any loss which may be insured against under the Insurance Code, except life insurance and title insurance. Such contracts may be executed by an attorney, agent or other representative, hereby designated as attorney, duly authorized and acting for such subscribers. The attorney may be an individual, firm or corporation organized under the laws of this state or any other state or territory and having a principal office at the place designated by the subscribers in the power of attorney.
(2) Any corporation now or hereafter organized under the laws of the state, in addition to the rights, powers and franchises specified in its articles of incorporation, may exchange insurance contracts of the kind and character described in subsection (1) of this section. The right to exchange such contracts is declared to be incidental to the purpose for which such corporations are organized and as much granted as the rights and powers expressly conferred. [Formerly 749.010]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.466 - Power of attorney for reciprocal insurer.

(1) The rights and power of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.
(2) The power of attorney must set forth:
(a) The powers of the attorney.
(b) That the attorney may accept service of process on behalf of the insurer.
(c) The services to be performed by the attorney in general.
(d) The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney.
(e) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount not less than one nor more than 10 times the premium or premium deposit stated in the policy.
(3) The power of attorney may:
(a) Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;
(b) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;
(c) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and
(d) Contain other lawful provisions.
(4) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement or any amendment thereof, shall be used or be effective in this state until approved by the Director of the Department of Consumer and Business Services. [1967 c.359 §101; 1997 c.249 §217]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.470 - Attorney for reciprocal insurer.

(1) Any instrument required to be verified by the oath of the attorney for a reciprocal insurer may, in case of an incorporated attorney, be verified by the oath of the president, vice president, secretary or other executive officer of such corporation.
(2) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.
(3) The Director of the Department of Consumer and Business Services may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of a reciprocal insurer’s attorney to comply with any provision of the Insurance Code.
(4) The attorney for an authorized foreign or alien reciprocal insurer shall not, by virtue of discharge of its duties as such attorney with respect to the insurer’s transactions in this state, be thereby deemed to be doing business in this state within the meaning of any laws of this state applying to foreign persons. [Formerly 749.140]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.475 - Claims processing by workers’ compensation insurer; permission for remote claims processing; availability and disposition of claims records; auditing and examinations by director; rules.

(1)(a) Every insurer authorized to issue workers’ compensation coverage to subject employers as required by ORS chapter 656 shall maintain a place of business in this state where the insurer shall:
(A) Process claims and make available complete records of claims for compensation made to the insurer under ORS chapter 656.
(B) Make available upon request complete records, including all records submitted electronically, of all workers’ compensation insurance policies issued as required by ORS chapter 656.
(C) Make available records identifying the specific persons covered by an employer electing coverage pursuant to ORS 656.039.
(b) Notwithstanding the requirement in paragraph (a) of this subsection that an insurer process claims at a place of business in this state, the Director of the Department of Consumer and Business Services by rule may allow the insurer to process claims remotely from a place of business in this state.
(2) An insurer may dispose of the records described in subsection (1) of this section only in accordance with the rules of the director. The records must be available to the Department of Consumer and Business Services for examination and audit at all reasonable times upon notice by the department to the insurer.
(3) In lieu of maintaining a place of business in this state for the purpose of complying with this section, an insurer may make such records available at places of business in this state operated by service companies, if:
(a) Each service company is incorporated in or authorized to do business in this state;
(b) An agreement between the insurer and the service company grants each service company a power of attorney to act for the insurer in workers’ compensation coverage and claims proceedings under ORS chapter 656; and
(c) The agreement between the insurer and each service company is approved by the director.
(4) Notwithstanding subsection (3) of this section, an insurer may not:
(a) Enter into a service agreement contract with one of the insurer’s insureds unless the insured has service contracts with other insurers; or
(b) Process claims or maintain claims records at more than eight locations at any one time. [1975 c.585 §2; 1981 c.874 §8; 1987 c.373 §80a; 1989 c.630 §1; 1991 c.67 §194; 2003 c.170 §10; 2007 c.241 §23; 2021 c.21 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.480 - Workers’ compensation policies; conditions for issuing.

An insurer shall not issue workers’ compensation insurance policies pursuant to ORS chapter 656 unless it furnishes occupational safety and health loss control consultative services to its insured employers consistent with the requirements of ORS 654.097. [1975 c.585 §3; 1981 c.874 §9; 1987 c.373 §80b; 1987 c.884 §61; 2007 c.241 §24]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.482 - Withdrawal from, failure to renew or cancellation of line by commercial liability insurer.

(1) Except as provided in subsection (5) of this section, an insurance company selling commercial liability insurance and authorized to do business in Oregon may not withdraw from, fail to renew or cancel any line of insurance or class of business without supplying appropriate written justification to the Director of the Department of Consumer and Business Services.
(2) Justification for withdrawal, failure to renew or cancellation may include, but need not be limited to:
(a) Insufficient premium income;
(b) Loss experience or expectation of future loss in the particular line of insurance or class of business;
(c) Necessity for uncompetitive or uneconomic rate increases;
(d) Increased hazard in the risks assumed or material change in the line of insurance or class of business that could not have been reasonably contemplated by the insurance company at the time the company began selling the line of insurance or class of business in Oregon; or
(e) Change in the availability or costs of reinsurance.
(3) The director shall issue an order approving or disapproving the withdrawal from, failure to renew or cancellation of a line of insurance or class of business.
(4) An order issued under this section shall include a provision requiring the insurer to notify affected insureds at least 60 days before the effective date of any withdrawal, failure to renew or cancellation approved by the director.
(5) This section does not apply to a surplus lines insurer. [1987 c.774 §34]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.484 - Prohibition on certain sales related to group health and group life insurance.

(1) No insurer or insurance producer selling a policy of group life insurance or group health insurance subject to the exemption in ORS 731.146 (2)(b) is authorized to sell membership in a group for the purpose of qualifying an applicant who is an individual for the insurance.
(2) No insurer or insurance producer selling membership in a group is authorized to offer a policy of group life insurance or group health insurance subject to the exemption in ORS 731.146 (2)(b) for the purpose of selling membership in the group. [1989 c.784 §2; 2003 c.364 §72; 2007 c.752 §§2,7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.485 - Conditions under which insurer may limit insured’s choice of drug outlets and pharmacies.

(1) An insurer may limit the drug outlets or pharmacists from which a person covered under a health insurance policy issued by the insurer is authorized by the insurer to obtain services only if the insurer first provides an opportunity to drug outlets and pharmacists to offer to participate as a provider of services as provided in this section. An insurer to which this section applies must provide notice of the opportunity by mailing a notice to the professional organization representing drug outlets and pharmacists in the service area of the insurer. The notice must be given at least 10 days before the deadline for receiving offers. The notice shall state the following:
(a) The date after which offers will not be considered.
(b) The services to be provided under the policy.
(c) That each offer must contain a statement that the drug outlet or pharmacist is in compliance with the requirements of the State Board of Pharmacy.
(d) The name and address of the person or office designated for receipt of the offers.
(2) The services to which this section applies are the services normally provided by drug outlets and pharmacists, including but not limited to prescription drugs.
(3) A professional organization that has received notice pursuant to subsection (1) of this section shall take reasonable steps to relay the notice to each drug outlet registered with the State Board of Pharmacy that is in the relevant service area.
(4) The following apply to an offer submitted by a drug outlet or pharmacist in response to a notice given under subsection (1) of this section:
(a) The offer must be in writing.
(b) The offer must be submitted to the person or office designated in the notice.
(c) The drug outlet or pharmacist must agree to provide services specified by the insurer.
(5) An insurer to which this section applies may select any drug outlet or pharmacist of its choice on whatever basis the insurer alone determines to be appropriate. Nothing in this section prohibits an insurer from contracting with one or more drug outlets or pharmacists exclusively for services to be provided to its insureds. [1993 c.391 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.486 - Exemption from definition of "transact insurance" for group health and life policies; master group health and life insurance coverage; rules.

(1) The exemption in ORS 731.146 (2)(b) does not apply to an insurer that offers coverage under a group health insurance policy or a group life insurance policy in this state unless the Director of the Department of Consumer and Business Services determines that the exemption applies.
(2) The insurer shall submit evidence to the director that the exemption applies. When a master policy is delivered or issued for delivery outside this state to trustees of a fund for two or more employers, for one or more labor unions, for one or more employers and one or more labor unions or for an association, the insurer shall also submit evidence showing compliance with:
(a) ORS 743.526, for a policy of group health insurance; or
(b) ORS 743.354, for a policy of group life insurance.
(3) The director shall review the evidence submitted and may request additional evidence as needed.
(4) An insurer shall submit to the director any changes in the evidence submitted under subsection (2) of this section.
(5) The director may order an insurer to cease offering a policy or coverage under a policy if the director determines that the exemption under ORS 731.146 (2)(b) is no longer satisfied.
(6) Coverage under a master group life or health insurance policy delivered or issued for delivery outside this state that does not qualify for the exemption in ORS 731.146 (2)(b) may be offered in this state if the director determines that the state in which the policy was delivered or issued for delivery has requirements that are substantially similar to those established under ORS 743.360 or 743.522 (2) and that the policy satisfies those requirements.
(7) This section does not apply to any master policy issued to a multistate employer or labor union.
(8) The director may adopt rules to carry out this section. [1989 c.784 §3; 2001 c.943 §1; 2005 c.22 §486; 2007 c.752 §§3,8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.488 - Annual audit of insurer; rules.

(1) Each insurer shall have an annual audit conducted by an independent certified public accountant and shall file an audited financial report annually with the Director of the Department of Consumer and Business Services. The annual audited financial report shall disclose:
(a) The financial position of the insurer as of the end of the most recent calendar year; and
(b) The results of the insurer’s operations, cash flows and changes in capital and surplus for the year then ended.
(2) The director shall adopt rules with respect to the following matters as needed for carrying out the requirements of this section:
(a) Required contents and format of the audited financial report.
(b) Requirements for filing the report.
(c) Requirements applicable to qualifications and designation of certified public accountants for purposes of audits under this section. The requirements may include limitations on length of service for certified public accountants and may permit recognition of accountants comparably qualified under the laws of another country.
(d) Requirements applicable to evaluation of the accounting procedures of an insurer and its system of internal control by a certified public accountant.
(e) Standards governing the scope and preparation of the audit.
(f) Requirements and procedures relating to the reporting of the adverse financial condition of an insurer by a certified public accountant.
(g) Requirements and procedures relating to the reporting of significant deficiencies for internal controls of an insurer.
(h) Exemptions.
(i) Any other matter that the director determines to be needed for preparation of or inclusion in the financial report. [1991 c.401 §15]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.492 - Required notification to claimant upon insurer’s payment to settle third-party liability claim; required contents of notification.

(1)(a) An insurer shall notify a claimant in writing at the time the insurer pays $5,000 or more to settle a third-party liability claim if:
(A) The claimant is a natural person;
(B) The insurer or an agent or other representative of the insurer, including the insurer’s attorney, delivers the payment to the claimant or to the claimant’s attorney, agent or other representative by draft, check or other form of payment; and
(C) The claimant or the claimant’s attorney has provided contact information or a mailing address to the insurer.
(b) An insurer may comply with paragraph (a) of this subsection by sending to the claimant a copy of the cover letter that accompanies the insurer’s settlement payment to the claimant’s attorney. Any notice to the claimant other than a copy of the cover letter may not include more than:
(A) A statement that the insurer has paid a settlement;
(B) The amount of the settlement;
(C) The date on which the insurer paid the settlement;
(D) The insurer’s name; and
(E) Any identifying number for the claim.
(2) Subsection (1) of this section does not:
(a) Create a cause of action against an insurer for the insurer’s failure to provide the notice described in subsection (1) of this section; or
(b) Create for the claimant’s attorney a defense to any cause of action based on an insurer’s failure to provide the notice described in subsection (1) of this section.
(3) Subsection (1) of this section authorizes an insurer or the insurer’s attorney to communicate with the claimant for the purpose of delivering the notice described in subsection (1) of this section even if the insurer or the insurer’s attorney knows that the claimant is represented by an attorney.
(4) This section does not invalidate or otherwise affect a settlement for which an insurer made a payment. [2021 c.140 §2]
Note:
731.492 was added to and made a part of the Insurance Code by legislative action but was not added to ORS chapter 731 or any series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.504 - Limit of risk.

(1) No insurer shall retain any risk on any one subject of insurance, whether a domestic risk or not, in an amount exceeding 10 percent of its surplus to policyholders, or in the case of title insurance, more than 50 percent of such surplus, except that an insurance company, including a reciprocal insurance company, comprised solely of 1,000 or more licensed Oregon physicians organized for the purpose of insuring for professional liability may consider aggregate insurance as surplus to policyholders for purposes of this section and shall not be allowed to retain the risk on any one subject of insurance in excess of two and one-half percent of such aggregate insurance.
(2) For purposes of this section, aggregate insurance is insurance which provides coverage in the event that the total fund of an insurance company, including a reciprocal insurance company, which is available to pay claims for occurrences of any one year, is exhausted. Aggregate insurance shall be in an amount equal to at least five times the annual premium collected by the insurance company.
(3) A "subject of insurance" for the purposes of this section:
(a) As to insurance against fire and hazards other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer that customarily are considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against;
(b) As to group life and health insurance, refers individually to each person benefited under the group policy as a separate subject; and
(c) As to mortgage insurance, includes all obligations secured by real property in a single tract, or in multiple tracts not separated by at least one-half mile.
(4) Reinsurance ceded as authorized by ORS 731.508 shall be deducted in determining risk retained. As to surety risks, deduction also shall be made of the amount assumed by any established incorporated cosurety and the value of any security deposited, pledged, or held subject to the surety’s consent and for the surety’s protection.
(5) As to alien insurers, this section relates only to risks and surplus to policyholders of the insurer’s United States branch.
(6) As used in this section, "surplus to policyholders," in addition to the insurer’s capital and surplus, includes any voluntary reserves that are not required pursuant to law, includes the contingency reserve held for mortgage insurance as required by ORS 733.100, and shall be determined from the last sworn statement of the insurer on file with the Director of the Department of Consumer and Business Services, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.
(7) This section does not apply to wet marine and transportation insurance or to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy. [1967 c.359 §103; 1969 c.692 §3; 1975 c.796 §12]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.512 - Withdrawal of insurer; reinsurance.

(1) No insurer shall withdraw from this state until its direct liability to its policyholders and obligees under all its insurance policies then in force in this state has been assumed by another authorized insurer under an agreement approved by the Director of the Department of Consumer and Business Services. In the case of a life insurer, its liability pursuant to policies issued in this state in settlement of proceeds under its policies shall likewise be so assumed.
(2) The director may waive this requirement if the director finds upon examination that a withdrawing insurer then is fully solvent and that the protection to be given its policyholders in this state will not be impaired by the waiver.
(3) The assuming insurer within a reasonable time shall replace the assumed insurance policies with its own, or by indorsement thereon acknowledge its liability thereunder.
(4) This section is in addition to the requirements of ORS 732.517 to 732.546 and 742.150 to 742.162. [1967 c.359 §105; 1995 c.30 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.514 - Ceding insurer’s management of reinsurance recoverables; requirement to diversify reinsurance program.

(1) A ceding insurer shall manage the ceding insurer’s reinsurance recoverables in proportion to the ceding insurer’s book of business. A domestic ceding insurer shall notify the Director of the Department of Consumer and Business Services within 30 days after reinsurance recoverables from any single assuming insurer or group of affiliated assuming insurers exceeds or is likely to exceed 50 percent of the domestic ceding insurer’s surplus, as last reported to the ceding insurer’s policyholders. In the notification, the domestic ceding insurer shall demonstrate that the domestic ceding insurer is safely managing the exposure.
(2) A ceding insurer shall diversify the ceding insurer’s reinsurance program. A domestic ceding insurer shall notify the director within 30 days after ceding to any single assuming insurer or group of affiliated assuming insurers more than 20 percent of the ceding insurer’s gross written premium in the previous calendar year or after determining that the ceded reinsurance will likely exceed this percentage. In the notification, the domestic ceding insurer shall demonstrate that the domestic ceding insurer is safely managing the exposure. [2019 c.151 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.562 - Title insurer capital and surplus requirements.

To qualify for authority to transact title insurance in this state, an insurer shall possess and thereafter maintain capital or surplus, or any combination thereof, of not less than $2.5 million. [Formerly 748.010; 1987 c.483 §2; 2001 c.318 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.566 - Reciprocal insurer surplus requirements.

To qualify for authority to transact insurance in this state, a reciprocal insurer shall possess and thereafter maintain a surplus of not less than $2.5 million, and any reciprocal insurer that exchanges policies of insurance covering workers’ compensation insurance shall possess and thereafter maintain a surplus of not less than $5 million. [1967 c.359 §109; 1975 c.274 §1; 1977 c.651 §2; 1987 c.483 §3; 1993 c.709 §3; 2001 c.318 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.570 - Withdrawing advancements made to reciprocal insurer.

No advancement made by the subscribers or the attorney of a reciprocal insurer shall be withdrawn or refunded except out of the surplus of the insurer in excess of its required capitalization, and then only upon the written consent of the Director of the Department of Consumer and Business Services. [1967 c.359 §110]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.590 - "Insurer" defined for ORS 731.592 and 731.594.

As used in ORS 731.592 and 731.594, "insurer" includes, but is not limited to:
(1) An insurer, as defined in ORS 731.106.
(2) A health care service contractor, as defined in ORS 750.005, including, but not limited to, a health maintenance organization.
(3) A multiple employer welfare arrangement, as defined in ORS 750.301.
(4) A legal entity that is self-insured and provides insurance services to its employees.
(5) An insurer, as defined in ORS 656.005.
(6) An employer authorized under ORS chapter 656 to self-insure its workers’ compensation risk.
(7) A fraternal benefit society, as described in ORS 748.106.
(8) An insurance producer, as defined in ORS 731.104. [1999 c.633 §2; 2003 c.364 §73; 2007 c.241 §25]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.592 - Reporting criminal conduct involving insurance.

(1) Notwithstanding ORS 746.665, an insurer shall cooperate with any law enforcement agency or other state or federal agency that is investigating or prosecuting suspected criminal conduct involving insurance. The insurer shall provide any information requested by the agency unless the information is subject to a legal privilege that would prohibit disclosure.
(2) If an insurer has reason to believe that criminal conduct involving insurance has been, is being or is about to be committed, the insurer shall notify the appropriate agency of that fact. The insurer is not required to notify the agency if the information or any part of the information upon which the belief is based is protected from disclosure by legal privilege.
(3) An insurer providing information under this section may request information relating to the investigation that is in the possession or control of the agency. The agency may not provide an insurer with information that is privileged or confidential. Otherwise, the agency shall disclose requested information unless disclosure would jeopardize an ongoing investigation or prosecution. The agency may require that the insurer not disclose the information to any other person.
(4) A person who has reason to believe criminal conduct involving insurance has been, is being or is about to be committed, or who collects, reviews or analyzes information concerning suspected criminal conduct involving insurance, may furnish any unprivileged information in the person’s possession concerning the suspected criminal conduct to an insurer who requests the information for the purpose of detecting, prosecuting or preventing criminal conduct involving insurance.
(5) If an insurer or agency does not provide information as required by this section and the suspected criminal conduct results in a conviction, the insurer or agency is not eligible for any compensation to which the insurer or agency might otherwise be entitled from any award under ORS 137.106. [1999 c.633 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.594 - Immunity from civil liability.

Unless it is shown that the person, including an insurer, acted with actual malice, a person who discloses or provides information under ORS 731.592 has immunity from any civil liability that might otherwise be incurred or imposed with respect to the disclosure or provision of the information. A person has the same immunity with respect to participating in any judicial proceeding resulting from the disclosure or provision of information. [1999 c.633 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.604 - Acceptance of deposits of insurers.

The following deposits of insurers shall be accepted and held by the Department of Consumer and Business Services for the purposes for which such deposits are made and are subject to the applicable provisions of the Insurance Code:
(1) Deposits required or permitted under the Insurance Code.
(2) Deposits of domestic insurers made pursuant to the laws of other jurisdictions. [1967 c.359 §112; 1999 c.196 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.608 - Purpose of deposit.

(1) Except as provided in subsection (2) of this section, deposits made in this state under ORS 731.624 shall be held for the faithful performance by the insurer of all insurance obligations, including claims for unearned premiums, with respect to domestic risks pertaining to the particular class of insurance for which the deposit was made. However, there shall be excluded from each such obligation the same amount as is excluded in determining the obligation of the Oregon Insurance Guaranty Association under ORS 734.510 to 734.710.
(2) If at any time a deposit made under ORS 731.624 by a particular insurer is insufficient to perform the insurance obligations upon the faithful performance of which the deposit was conditioned, then any other deposit made under ORS 731.624 by that insurer shall be so used to the extent that such other deposit is not used to perform the insurance obligations upon the faithful performance of which such other deposit was conditioned.
(3) Deposits made by insurers and reinsurers in this state under ORS 731.628 shall be held for the payment of compensation benefits to workers employed by insured employers other than those insured with the State Accident Insurance Fund Corporation to whom the insurer has issued a workers’ compensation insurance policy under ORS chapter 656. Deposits made by insurers and reinsurers under ORS 731.628 also shall be held to reimburse the Department of Consumer and Business Services, subject to approval by the Director of the Department of Consumer and Business Services, for costs incurred by the department in processing workers’ compensation claims of insurers which have been placed in liquidation, receivership, rehabilitation or other such status for the orderly conservation or distribution of assets, pursuant to the laws of this state or any other state.
(4) A deposit made in this state by a domestic insurer transacting insurance in another jurisdiction, and as required by the laws of such jurisdiction, shall be held for the purpose or purposes required by such laws.
(5) Deposits of foreign and alien insurers required pursuant to ORS 731.854 shall be held for such purposes as are required by such law, and as specified by the director’s order by which the deposit is required.
(6) Deposits of domestic reciprocal insurers required pursuant to ORS 731.632 shall be held for the benefit of subscribers wherever located. [1967 c.359 §113; 1971 c.231 §12; 1977 c.793 §6; 1981 c.854 §57; 1987 c.236 §1; 1989 c.700 §2; 2007 c.241 §26]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.612 - Rights of insurer regarding deposits.

While the insurer remains unimpaired and is in compliance with the Insurance Code it may:
(1) Demand, receive, sue for and recover the income from the assets deposited;
(2) Exchange and substitute for the deposited assets, or any part thereof, other eligible assets of equivalent or greater value; and
(3) At any reasonable time inspect such deposit. [1967 c.359 §114]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.616 - Valuation of deposits; deficiencies.

(1) For the purpose of determining the sufficiency of its deposit in this state the assets of the insurer on deposit shall be valued at current market value.
(2) If assets deposited by an insurer are subject to material fluctuations in market value, the Director of the Department of Consumer and Business Services, in the discretion of the director, may require the insurer to deposit and maintain on deposit additional assets in such amount as reasonably is necessary to assure that the deposit at all times will have a market value of not less than the amount specified under or pursuant to the law by which the deposit is required.
(3) If for any reason the current market value of such assets falls below the amount of deposit required of the insurer, the insurer shall promptly deposit other or additional assets eligible for deposit in an amount sufficient to cure the deficiency. The insurer has 30 days in which to cure the deficiency after notice thereof from the director. [1967 c.359 §115]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.620 - Assignment of deposited securities.

(1) The insurer shall assign in trust to the Director of the Department of Consumer and Business Services and successors in office all securities being deposited through the director under the Insurance Code that are not negotiable by delivery; or, in lieu of such assignment, the insurer may give the director an irrevocable power of attorney authorizing the director to transfer the securities or any part thereof for any purpose within the scope of the Insurance Code.
(2) Upon release to the insurer, or other person entitled thereto, of any such security the director shall reassign the security to such insurer or person; or, in the case of power of attorney given pursuant to subsection (1) of this section, the director shall deliver the power of attorney, together with the securities covered thereby, to the insurer or person entitled thereto. [1967 c.359 §116; 1979 c.870 §3; 1987 c.158 §154]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.624 - Special deposits; foreign and alien insurers.

Every insurer, before transacting insurance in this state, shall make the following deposits with the Department of Consumer and Business Services:
(1) Foreign or alien insurers transacting surety insurance in this state, $250,000.
(2) Foreign or alien insurers transacting title insurance in this state, $100,000.
(3) Foreign or alien insurers transacting home protection insurance in this state, $100,000.
(4) Foreign or alien insurers transacting mortgage guaranty insurance in this state, $500,000. [1967 c.359 §117; 1981 c.247 §7; 1987 c.483 §4; 1999 c.196 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.628 - Deposit required of workers’ compensation insurers.

(1) In addition to any other requirement therefor under the Insurance Code, each insurer other than the State Accident Insurance Fund Corporation that issues workers’ compensation insurance policies to employers under ORS chapter 656 shall deposit with the Department of Consumer and Business Services an amount that is the greater of the following amounts:
(a) $100,000.
(b) An amount equal to the sum described in this paragraph less credits for approved reinsurance that the insurer may take under subsection (2) of this section. The sum under this paragraph is the sum of the following, computed as of December 31 next preceding in respect to workers’ compensation insurance policies written subject to ORS chapter 656:
(A) The aggregate of the present values at four percent interest of the determined and estimated future loss and loss-expense payments upon claims incurred more than three years next preceding the date of computation.
(B) The aggregate of the amounts computed under this subparagraph for each of the three years next preceding the date of computation. The amount for each year shall be 65 percent of the earned premiums for the year less all loss and loss-expense payments made upon claims incurred in the corresponding year, except that the amount for any year shall not be less than the present value at four percent interest of the determined and estimated future loss and loss-expense payments upon claims incurred in that year.
(2) Before an insurer may take a credit for reinsurance under subsection (1)(b) of this section, the reinsurer must deposit with the department an amount equal to the credit to be taken.
(3) An insurer may be allowed the credit referred to in subsection (1)(b) of this section only when the reinsurer has deposited with the department an amount equal to the credit. [1967 c.359 §118; 1971 c.231 §13; 1979 c.870 §4; 1981 c.854 §58; 1987 c.483 §5; 1989 c.700 §3; 1999 c.196 §4; 2007 c.241 §27]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.632 - Deposit required of domestic reciprocal insurers; exception.

Every domestic reciprocal insurer shall deposit with the Department of Consumer and Business Services $50,000, except such an insurer which exchanges policies of insurance covering only wet marine hull insurance for persons whose earned income, in whole or in part, is derived from taking and selling food resources living in an ocean, bay or river. [1967 c.359 §119; 1977 c.651 §3; 1993 c.709 §5; 1999 c.196 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.636 - Deposit or trusteed assets of alien insurer required.

(1) Except as provided in subsection (3) of this section, every alien insurer, before transacting insurance in this state as an authorized insurer, shall deposit with the Department of Consumer and Business Services the sum of the following amounts:
(a) The amount of its outstanding liabilities arising out of its insurance transactions in the United States; and
(b) Its required capitalization.
(2) ORS 731.640 (1)(d) does not apply with respect to such deposit.
(3) In lieu of such deposit, the insurer may furnish evidence satisfactory to the Director of the Department of Consumer and Business Services that it maintains in the United States, by way of trust deposits with public depositories or with trust institutions acceptable to the director, assets at least equal to the deposit otherwise required by this section. [1967 c.359 §120; 1999 c.196 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.640 - Eligible deposits; rules.

(1) Deposits which are required or permitted under the Insurance Code shall consist only of the following:
(a) Cash.
(b) Amply secured obligations of the United States, a state or a political subdivision thereof.
(c) Certificates of deposit or other investments described in ORS 733.650 (4). The Director of the Department of Consumer and Business Services may promulgate rules to limit such investments.
(d) A surety bond, approved by the director, executed by an authorized surety insurer that is not under common ownership, management or control with the person making the deposit. This paragraph does not apply to deposits made by surety insurers or to workers’ compensation deposits made under ORS 731.628.
(e) Amply secured obligations of a corporation rated by the National Association of Insurance Commissioners as Class 1. This paragraph applies only to that portion of the total deposit that exceeds $50 million. The director may adopt rules to require periodic review of the secured obligations of a corporation allowed under this paragraph.
(2) Deposits of domestic insurers made pursuant to the laws of other jurisdictions shall consist of cash or securities as required or permitted by the laws of such jurisdictions. [1967 c.359 §121; 1973 c.450 §1; 1981 c.854 §61; 1999 c.196 §6a; 2003 c.123 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 731 - Administration and General Provisions › Section 731.642 - Contracts for security deposits.

The Director of the Department of Consumer and Business Services, in performing duties under ORS 731.604 to 731.652 and after consultation with the State Treasurer, may enter into contracts with banks qualified to act as trust companies and as depositories of state funds to hold and service securities deposited by insurers with the Department of Consumer and Business Services. The insurers whose securities are held and serviced by the banks shall pay for the cost of such contracts. [1969 c.143 §2; 1999 c.196 §7; 2001 c.104 §288]