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 744.804 - Conditions under which reinsurance intermediary broker and insurer may enter into transactions.

A reinsurance intermediary broker and the insurer it represents in the capacity of a reinsurance intermediary broker may enter one or more transactions between them only pursuant to a written authorization that specifies the responsibilities of each party. The authorization must at least provide that:
(1) The insurer may terminate the authority of the reinsurance intermediary broker at any time.
(2) The reinsurance intermediary broker must render to the insurer accounts accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the reinsurance intermediary broker, and remit all funds due to the insurer not later than the 30th day following the date of receipt.
(3) All funds collected for the account of the insurer must be held by the reinsurance intermediary broker in a fiduciary capacity in a qualified United States financial institution. For purposes of this subsection, a "qualified United States financial institution" is an institution that:
(a) Is organized, or, in the case of a United States office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof;
(b) Is regulated, supervised and examined by authorities of the United States or of any state thereof having regulatory authority over banks and trust companies; and
(c) Has been determined by the Director of the Department of Consumer and Business Services to meet standards of financial condition and standing that are necessary and appropriate for regulating the quality of financial institutions whose letters of credit will be acceptable to the director. The director may consider standards and classifications of institutions established by the Securities Valuation Office of the National Association of Insurance Commissioners for the purpose of making determinations under this paragraph.
(4) The reinsurance intermediary broker must comply with ORS 744.806.
(5) The reinsurance intermediary broker must comply with the written standards established by the insurer for the cession or retrocession of all risks.
(6) The reinsurance intermediary broker must disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded. [1993 c.447 §76; 2003 c.364 §29]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.806 - Records required to be kept by reinsurance intermediary brokers.

(1) A reinsurance intermediary broker must keep a complete record for each transaction of a contract of reinsurance as provided in this subsection. For each contract of reinsurance transacted by the reinsurance intermediary broker that is limited to first party property coverages, the reinsurance intermediary broker must keep the record for not less than five years after expiration of the contract of reinsurance. For all other contracts of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker must keep the record for not less than 10 years after expiration of each contract of reinsurance. The record must show all of the following:
(a) The type of contract, limits, underwriting restrictions, classes or risks and territory.
(b) The period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation.
(c) Reporting and settlement requirements of balances.
(d) The rate used to compute the reinsurance premium.
(e) Names and addresses of assuming reinsurers.
(f) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker.
(g) Related correspondence and memoranda.
(h) Proof of placement.
(i) Details regarding retrocessions handled by the reinsurance intermediary broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded.
(j) Financial records, including premium and loss accounts.
(k) The following written evidence, when the reinsurance intermediary broker procures a reinsurance contract on behalf of an authorized ceding insurer:
(A) When the contract is procured directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk.
(B) When the contract is placed through a representative of the assuming reinsurer other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
(2) The insurer must have access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker and related to its business. The reinsurance intermediary broker must maintain the accounts and records in a form usable by the insurer. [1993 c.447 §77; 2003 c.364 §30]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.808 - Prohibition on use of unlicensed reinsurance intermediary broker; requirement that insurer obtain financial statement of reinsurance intermediary broker.

(1) An insurer may not engage the services of any person to act as a reinsurance intermediary broker on its behalf unless the person is licensed as a reinsurance intermediary broker as required by ORS 744.800.
(2) An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business unless the reinsurance intermediary broker is under common control with the insurer and subject to ORS 732.517 to 732.596.
(3) The insurer must annually obtain a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business. [1993 c.447 §78; 2003 c.364 §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 744.812 - Prohibitions on actions of reinsurance intermediary managers.

A reinsurance intermediary manager may not do any of the following:
(1) Cede retrocessions on behalf of the reinsurer that the reinsurance intermediary manager represents, except that the reinsurance intermediary manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines must include:
(a) A list of reinsurers with which the automatic agreements are in effect;
(b) For each such reinsurer, the coverages and amounts or percentages that may be reinsured; and
(c) For each such reinsurer, the commission schedules.
(2) Commit the reinsurer to participate in reinsurance syndicates.
(3) Appoint an insurance producer, reinsurance intermediary broker or reinsurance intermediary manager without assuring that the insurance producer, reinsurance intermediary broker or reinsurance intermediary manager is lawfully licensed to transact the type of reinsurance for which the appointment is made.
(4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the combined capital and surplus of the reinsurer as of December 31 of the last complete calendar year.
(5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, the reinsurance intermediary manager must promptly forward a report to the reinsurer.
(6) Jointly employ an individual who is employed by the reinsurer, unless the reinsurance intermediary manager is under common control with the reinsurer subject to ORS 732.517 to 732.596.
(7) Appoint a reinsurance subintermediary manager. [1993 c.447 §80; 2003 c.364 §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 744.814 - Prohibition on use of unlicensed reinsurance intermediary manager; requirement that reinsurer obtain financial statement of reinsurance intermediary manager and opinion of actuary.

(1) A reinsurer may not engage the services of any person to act as a reinsurance intermediary manager on its behalf unless the person is licensed to act as a reinsurance intermediary manager as required by ORS 744.800.
(2) A reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager that the reinsurer has engaged. Each statement must be prepared by an independent certified public accountant in a form acceptable to the Director of the Department of Consumer and Business Services.
(3) If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary who is in good standing of the American Academy of Actuaries, attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager. The opinion must be in addition to any other required loss reserve certification.
(4) Binding authority for all retrocessional contracts or participation in reinsurance syndicates must rest with an officer of the reinsurer who is not affiliated with the reinsurance intermediary manager.
(5) Not later than the 30th day after termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of the termination to the director.
(6) A reinsurer may not appoint to its board of directors any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary manager. This subsection does not apply to relationships governed by ORS 732.517 to 732.596. [1993 c.447 §81; 2003 c.364 §34]
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 744.816 - Director access to books, accounts and records.

(1) The Director of the Department of Consumer and Business Services may examine any reinsurance intermediary broker and any reinsurance intermediary manager. The director shall have access to all books, bank accounts and records of a reinsurance intermediary broker or reinsurance intermediary manager being examined. All such books, bank accounts and records must be maintained in a form usable to the director.
(2) A reinsurance intermediary manager may be examined as if the reinsurance intermediary manager were the reinsurer. [1993 c.447 §82; 2003 c.364 §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 744.818 - Errors and omissions insurance for reinsurance intermediary manager; rules.

(1) A resident reinsurance intermediary acting as a reinsurance intermediary manager 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. [1993 c.447 §83; 2003 c.364 §36]
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 744.820 - Director authority if reinsurance intermediary broker or manager violates provisions of ORS 744.800 to 744.818.

If the Director of the Department of Consumer and Business Services finds that a reinsurance intermediary broker or a reinsurance intermediary manager has violated any provision of ORS 744.800 to 744.818, the director may order the reinsurance intermediary broker or reinsurance intermediary manager to reimburse the insurer, reinsurer, rehabilitator or liquidator for losses incurred by the insurer or reinsurer because of the violation. The director may take action under this section in addition to or instead of any other action that the director may take under the Insurance Code. [1993 c.447 §83a; 2003 c.364 §37]
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 744.850 - Definitions for ORS 744.850 to 744.858.

As used in ORS 744.850 to 744.858:
(1) "Limited license" means a license issued under ORS 744.852 that authorizes a rental company to offer or sell insurance as provided in ORS 744.854.
(2) "Rental agreement" means a written agreement setting forth the terms and conditions governing use of a vehicle provided by a rental company for rent.
(3) "Rental company" means a person or entity in the business of providing vehicles to the public under a rental agreement for a period of 90 days or less.
(4) "Renter" means a person obtaining the use of a vehicle from a rental company for a period of 90 days or less.
(5) "Vehicle" means an automobile, van, minivan, sports utility vehicle, cargo van, recreational vehicle, motorcycle, all-terrain vehicle, trailer, pickup truck or truck with a gross vehicle weight of less than 26,000 pounds that does not require a commercial driver license to operate. [1999 c.485 §2; 2007 c.719 §1]
Note:
744.850 to 744.858 were added to and made a part of the Insurance Code by legislative action but were not added to ORS chapter 744 or any series therein. 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 744.852 - Limited license for rental companies; application; rules.

(1) The Director of the Department of Consumer and Business Services shall adopt rules to specify information that rental companies must submit in applying for a limited license.
(2) A rental company that intends to offer insurance as described in ORS 744.854 shall file a limited license application with the director in such form and containing such information as the director requires.
(3) After receiving an application, the director may issue a limited license to the rental company if the director is satisfied that the application is complete. A limited license that the director issues to the rental company under this section is also a limited license for an employee or designated agent of the rental company to offer and sell insurance in accordance with ORS 744.854 for vehicles that the rental company rents. [1999 c.485 §3; 2015 c.524 §1]
Note:
See note under 744.850.
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 744.854 - Kinds of insurance authorized by limited license.

A limited license issued under ORS 744.852 authorizes a rental company to offer and sell the following kinds of insurance in connection with the rental of vehicles:
(1) Personal accident insurance covering the risks of travel, including but not limited to accident and health insurance that provides coverage to renters and other occupants of the rental vehicle for accidental death or dismemberment and reimbursement for medical expenses resulting from an accident that occurs during the rental period.
(2) Liability insurance that provides coverage to renters and other authorized drivers of the rental vehicle for liability arising from the operation of the rental vehicle. Liability insurance shall include uninsured and underinsured motorist coverage, insofar as required by state law or rule.
(3) Personal effects insurance that provides coverage to renters and other vehicle occupants for loss of and damage to personal effects during the rental period.
(4) Roadside assistance and emergency sickness insurance. [1999 c.485 §4]
Note:
See note under 744.850.
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 744.858 - Revocation or suspension of limited license; other penalties; application of Insurance Code; rules.

(1) If a rental company issued a limited license under ORS 744.852 offers or sells insurance not authorized by ORS 744.854, or violates any provision of ORS 744.856, the Director of the Department of Consumer and Business Services may, after notice and hearing, revoke or suspend the limited license or may impose such other penalties as the director prescribes, including but not limited to suspension of transaction of insurance at specific rental locations where violations of ORS 744.854 or 744.856 have occurred.
(2) All provisions of the Insurance Code apply to rental companies issued limited licenses under ORS 744.852 unless specifically rendered inapplicable by statute or by rule adopted by the director.
(3) The director may adopt any rules necessary for the implementation of ORS 744.850 to 744.858, including rules establishing license fees to defray the cost to the Department of Consumer and Business Services of administering the limited licensure program. [1999 c.485 §6]
Note:
See note under 744.850.
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 744.860 - Definitions for ORS 744.860 to 744.870.

As used in ORS 744.860 to 744.870:
(1) "Insurer" means an insurer, a surplus lines insurer or an insurance producer.
(2) "Licensee" means an owner that receives a limited license to sell insurance in accordance with ORS 744.860 to 744.870.
(3) "Occupant" has the meaning given that term in ORS 87.685.
(4) "Owner" has the meaning given that term in ORS 87.685.
(5) "Personal property" means movable property that is not affixed to land, examples of which are goods, merchandise, household items and furnishings, motor vehicles, watercraft and other vehicles, motorized or not.
(6) "Self-service storage facility" has the meaning given that term in ORS 87.685. [2013 c.280 §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 744.862 - Limited license to sell insurance; exemption; application; disclosures required; conditions on license.

(1)(a) An owner may not sell insurance to an occupant without applying for and receiving a limited license under this section.
(b) An owner does not require a license under this section if the owner displays or makes available materials related to an insurer’s insurance coverage but does not sell the insurance or otherwise benefit from the insurer’s insurance sales.
(2) An owner may apply to the Director of the Department of Consumer and Business Services for a limited license to sell insurance under the provisions of ORS 744.860 to 744.870. The owner shall apply for the limited license on a form with contents the director specifies by rule.
(3)(a) An owner shall disclose in the application described in subsection (1) of this section the physical addresses for each of the self-service storage facilities at which the owner will sell insurance under the limited license and shall certify that the owner is an owner with respect to each of the self-service storage facilities.
(b) A licensee may sell insurance at a self-service storage facility other than the self-service storage facilities the licensee disclosed in an application under this section if the licensee notifies the director 30 days before the licensee begins to sell insurance at the other self-service storage facility.
(c) A licensee shall notify the director within 30 days after the licensee no longer sells insurance at a self-service storage facility.
(d) The director may issue and permit the owner to retain a limited license to sell insurance on the condition that the owner sells insurance only at the self-service storage facilities the owner discloses in the application for the limited license or at a self-service storage facility with respect to which the owner gives the director a notice under paragraph (b) of this subsection.
(4)(a) The director may issue a limited license to sell insurance to an owner if the director is satisfied that the owner has provided the information and made the disclosures the director requires under subsection (2) of this section.
(b) A limited license that the director issues under this subsection authorizes a licensee to sell insurance at all of the self-service storage facilities the licensee disclosed in an application under subsection (2) of this section. A licensee does not need a separate limited license for each self-service storage facility. [2013 c.280 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.864 - Permissible sales; required notices and disclosures; evidence of coverage; prohibition on representing owner as insurer.

(1) A licensee may sell insurance only:
(a) Of the type described in subsection (2) of this section;
(b) In connection with and incident to renting individual storage space to an occupant at a self-service storage facility; and
(c) In accordance with the requirements set forth in subsection (3) of this section.
(2) A licensee may sell insurance that covers an occupant only for personal property that is lost or damaged at the self-service storage facility where the licensee sold the insurance to the occupant.
(3)(a) A licensee that offers to sell insurance to an occupant shall provide written material that the Director of the Department of Consumer and Business Services approves and that:
(A) Summarizes the material terms of the insurance coverage, identifies the insurer, states the premium price and describes the benefits, exclusions and conditions of the insurance policy;
(B) Discloses that the insurance may duplicate or overlap with coverage the occupant may have from other insurance policies, such as a renter’s policy, a homeowner’s policy, a vehicle policy, a watercraft policy or another source of property insurance;
(C) States that renting individual storage space at the self-service storage facility does not require an occupant to purchase property insurance from the licensee or that, if renting individual storage space does require the occupant to have property insurance, that the occupant may satisfy the requirement by providing evidence that the occupant has coverage from another source of property insurance;
(D) Describes the process for filing a claim under the terms of the insurance policy; and
(E) Lists all costs to the occupant in connection with the insurance.
(b) A licensee that completes a transaction with an occupant that purchases insurance from the licensee shall provide evidence to the occupant of the insurer’s coverage on a form that the insurer has approved.
(4) A licensee may sell only insurance provided by an insurer that is authorized under the Insurance Code to transact, in this state, the line of insurance that the licensee sells.
(5) A licensee may not advertise, represent or otherwise cause another person to understand or suppose that the licensee is a licensed insurer. [2013 c.280 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.866 - Training program; approval of training materials; certification of training; auditing.

(1)(a) A licensee must provide a training program for the licensee’s employees or agents that sell insurance on the licensee’s behalf. The training program must instruct the employees or agents about the coverage the insurance provides and about the provisions of ORS 744.860 to 744.870.
(b) The licensee each year shall submit to the Director of the Department of Consumer and Business Services for the director’s approval an outline of, and copies of materials the licensee uses in, the training program.
(c) A licensee each year shall certify to the director that the licensee’s employees or agents that sell insurance have completed or will complete the training program the licensee provides under paragraph (a) of this subsection before the employees or agents sell insurance.
(d) An employee or agent that has completed the training program under paragraph (a) of this subsection is not required to undergo continuing education in the topics covered in the training program.
(2) The director may audit the licensee’s compliance with the provisions of subsection (1) of this section.
(3)(a) An employee or agent of a licensee may act on behalf and under the supervision of the licensee in matters within the scope of a license issued under ORS 744.862.
(b) For purposes of ORS 744.860 to 744.870, the conduct of a licensee’s agent or employee who is acting within the scope of the employee’s or agent’s duties toward the licensee is the conduct of the licensee. [2013 c.280 §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 744.868 - License suspension and revocation or other penalty; rules.

(1) The Director of the Department of Consumer and Business Services may suspend or revoke a limited license the director issued under ORS 744.862, or may impose another penalty the director prescribes by rule, if:
(a) A licensee sells or offers to sell insurance other than insurance described in ORS 744.864;
(b) An owner sells or offers to sell insurance to an occupant without obtaining a limited license in accordance with ORS 744.862; or
(c) An owner or licensee violates another provision of ORS 744.860 to 744.870.
(2) The director may suspend or revoke a limited license under this section with respect to all or a portion of the licensee’s self-service storage facilities. [2013 c.280 §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 744.870 - Compensation, bonuses and incentives.

ORS 744.860 to 744.870 do not prohibit:
(1) An insurer from paying, or a licensee from receiving, a commission, fee or other compensation for selling the insurer’s insurance; or
(2) A licensee or owner from paying an employee or agent of the licensee or owner a bonus, incentive payment or other compensation if the bonus, incentive payment or compensation does not depend on the employee’s or agent’s selling insurance. [2013 c.280 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses › Section 744.872 - Rules.

The Director of the Department of Consumer and Business Services may adopt rules to implement and administer the provisions of ORS 744.860 to 744.870. [2013 c.280 §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 744.991 - Criminal penalties; restitution.

(1) Violation of ORS 744.369, in addition to any applicable prescribed denial, suspension or revocation of any license or civil forfeiture, shall be punishable upon conviction as for the crime of theft under ORS 164.015 to 164.135 or the crime of forgery or related offenses under ORS 165.002 to 165.070.
(2) A person convicted of a violation of ORS 744.369 may be ordered to pay restitution to persons aggrieved by the violation of ORS 744.369. Restitution may be ordered in addition to a fine or imprisonment, but not in lieu of a fine or imprisonment.
(3) Except for an act under ORS 744.369 (8) to (16), the penalties of this section shall not apply to an owner. [2009 c.711 §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 744.992 - Civil penalties; civil actions; rescission of life settlement contracts.

(1) A person who violates any provision of ORS 744.318 to 744.384, 744.991 and 744.992 is subject to civil penalties under ORS 731.988 and cease and desist orders under ORS 731.252.
(2) If a person violates any provision of ORS 744.318 to 744.384, 744.991 and 744.992, the Director of the Department of Consumer and Business Services may seek an injunction in a court of competent jurisdiction and may apply for temporary and permanent orders that the director determines are necessary to restrain the person from committing the violation.
(3) A person damaged by the acts of a person in violation of any provision of ORS 744.318 to 744.384, 744.991 and 744.992 may bring a civil action against the person committing the violation in a court of competent jurisdiction. Nothing in this subsection shall be construed to alter the provisions of ORS 743.168 or 743.171 relating to the period of incontestability of a policy of life insurance.
(4) A violation of any provision of ORS 744.318 to 744.384, 744.991 and 744.992 attendant to the execution of a life settlement purchase agreement renders the life settlement purchase agreement voidable and subject to rescission by the life settlement purchaser, upon return of the policy received to the life settlement provider. Suit for rescission may be brought in a court of competent jurisdiction or where the alleged violator resides or has a principal place of business or where the alleged violation occurred.
(5) Except for an act under ORS 744.369 (8) to (16), the enforcement provisions and penalties of this section do not apply to an owner. [2009 c.711 §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 744.994 - Effect of license expiration or surrender on director’s investigation or disciplinary proceedings.

(1) As used in this section:
(a) "Adjuster" has the meaning given that term in ORS 744.502;
(b) "Insurance consultant" has the meaning given that term in ORS 744.602; and
(c) "Licensee" means a person that has obtained a license to engage in business as an adjuster, an insurance consultant or an insurance producer.
(2) A license expiration or a licensee’s voluntary surrender of a license does not prevent the Director of the Department of Consumer and Business Services from investigating or initiating disciplinary proceedings against a licensee. The director may also at any time revise or vacate an order to suspend or revoke a license. [2019 c.151 §18]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.005 - Trade practices exempted from prohibitions.

Nothing in this chapter shall apply to wet marine and transportation insurance or prohibit any of the following practices:
(1) In the case of life insurance policies, paying bonuses to policyholders or otherwise abating their premiums in whole or in part out of surplus accumulated from nonparticipating insurance, provided that any such bonuses or abatement of premiums shall be fair and equitable to policyholders and for the best interests of the insurer and its policyholders;
(2) In the case of industrial life insurance policies, making allowance to policyholders who have continuously for a specified period made premium payments directly to an office of the insurer, in an amount which fairly represents the saving in collection expense;
(3) Readjustment of the rate of premium for a group life or health insurance policy based on the loss or expense experience thereunder, at the end of the first or any subsequent policy year, which may be made retroactive only for such policy year;
(4) Extension of credit for payment of premiums without any service charge or interest by the insurer or insurance producer for a period of not more than 90 days after the end of the month in which the policy becomes effective;
(5) Practices authorized pursuant to ORS 733.220 and 733.230;
(6) The issuing of life or health insurance policies on a salary savings, bank draft, preauthorized check or payroll deduction plan or similar plan at a reduced rate reasonably related to the savings made by use of such plan; or
(7) The issuing of life or health insurance policies at rates less than the usual premium rates for such policies, or using modifications of premium rates based on amount of insurance, if such issuance or modification does not result in reduction in premium rates in excess of savings in administration and issuance expenses reasonably attributable to such policies. [Formerly 736.825; 1983 c.740 §254; 2003 c.364 §133]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.018 - Discrimination in issuance of burglary, theft, robbery or casualty policies prohibited.

(1) In cities of 300,000 or more, and except as provided in subsection (3) of this section, no insurer shall make or permit any unfair discrimination between risks of essentially the same degree of hazard in the issuance of burglary and theft or robbery insurance policies or casualty insurance policies which insure against liability to persons arising out of the use or control of real or personal property other than motor vehicles.
(2) Property insured or persons insured against liability arising out of use or control of real or personal property other than motor vehicles, if comparable in other respects in exposures to the peril insured against, shall not be deemed to be of different hazard solely because of the geographic location of the property or the place of residence or business of the person to be insured.
(3) Notwithstanding subsection (1) of this section an insurer may make or permit discrimination between risks of essentially the same degree of hazard in the issuance of insurance policies described in subsection (1) of this section if the insurer, at the time of the discrimination, insures a percentage of the similar risks at least equal to the ratio that its premiums for the respective line of business as reported in the annual statement required by ORS 731.574 for the second preceding calendar year bears to the total premium for the same line of business as reported by all insurers in the annual statements required by ORS 731.574 for the second preceding calendar year, within a square one mile on each side centered upon the location of the property, insurance in regard to which the insurer declines to issue. [1971 c.522 §2; 1973 c.9 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.021 - Discrimination under health benefit plans.

Except as otherwise provided for in the Insurance Code, an individual may not, on the basis of actual or perceived race, color, national origin, sex, sexual orientation, gender identity, age or disability, be excluded from participation in, be denied the benefits of or otherwise be subjected to discrimination under any health benefit plan issued or delivered in this state. [2019 c.285 §2]
Note:
746.021 was added to and made a part of the Insurance Code by legislative action but was not added to ORS chapter 746 or any series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.023 - Discrimination against living donors or body part donors with respect to life insurance, health insurance or long term care insurance.

An insurer offering a policy or certificate of life insurance, health insurance or long term care insurance, as defined in ORS 743.652, may not, based solely on the status of an applicant for insurance or an insured as a living donor or a potential donor of a body part, organ or tissue:
(1) Discriminate in the application of its underwriting standards or rates;
(2) Decline to provide coverage or limit coverage; or
(3) Prohibit an applicant for insurance or an insured from donating a body part, organ or tissue as a condition of receiving or continuing to receive coverage. [2019 c.265 §3]
Note:
746.023 was added to and made a part of the Insurance Code by legislative action but was not added to ORS chapter 746 or any series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.025 - Securities or other contracts as inducement to insurance.

No person shall sell, agree or offer to sell, or give or offer to give, directly or indirectly in any manner whatsoever, shares of stock, securities, bonds, special or advisory board contracts or agreements of any form or nature promising returns and profits as an inducement to insurance. No insurer engaging in or permitting its representatives to engage in such practices in this or any other state may be authorized to do business in this state. [Formerly 739.535]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.035 - Inducements not specified in policy.

Except as otherwise expressly provided by the Insurance Code, no person shall permit, offer to make or make any contract of insurance, or agreement as to such contract, unless all agreements or understandings by way of inducement are plainly expressed in the policy issued thereon. [1967 c.359 §570]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.045 - Prohibition on rebates; exceptions; rules.

(1) A person may not personally or otherwise offer, promise, allow, give, set off, pay or receive, directly or indirectly, any rebate of or rebate of part of the premium payable on an insurance policy or the insurance producer’s commission on an insurance policy, or earnings, profit, dividends or other benefit founded, arising, accruing or to accrue on or from the policy, or any other valuable consideration or inducement to or for insurance on any domestic risk, which is not specified in the policy.
(2) A premium discount or rebate is not prohibited by this section if the discount or rebate is:
(a) Offered in connection with a program of health promotion or disease prevention, as described in 42 U.S.C. 300gg-4;
(b) Paid for participation in a program to promote healthy behaviors under ORS 743.824; or
(c) Offered in connection with a wellness program defined by the Department of Consumer and Business Services by rule.
(3) This section does not prohibit giving, as a form of advertising, as a promotional program or as promotional material, a prize, goods, wares, merchandise, articles or property with an aggregate value of not more than $100 in a calendar year to a person other than a person to whom an insurer issues health insurance, as defined in ORS 731.162, or a health benefit plan, as defined in ORS 743B.005. [1967 c.359 §571; 2003 c.364 §135; 2013 c.681 §35a; 2017 c.327 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.055 - Title insurance commissions, rebates and discounts.

With respect to title insurance, no commissions, rebates or discounts shall be paid, allowed or permitted to any person having an interest in or lien upon real property which is the subject of the title insurance involved, or to any person acting for or on behalf of a person with such an interest or lien. [Formerly 748.086]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.075 - Misrepresentation generally.

(1) A person may not engage, directly or indirectly, in any action described in subsection (2) of this section in connection with:
(a) The offer or sale of any insurance; or
(b) Any inducement or attempted inducement of any insured or person with ownership rights under an issued life insurance policy to lapse, forfeit, surrender, assign, effect a loan against, retain, exchange or convert the policy.
(2) Subsection (1) of this section applies to the following actions:
(a) Making, issuing, circulating or causing to be made, issued or circulated, any estimate, illustration, circular or statement misrepresenting the terms of any policy issued or to be issued or the benefits or advantages therein or the dividends or share of surplus to be received thereon;
(b) Making any false or misleading representation as to the dividends or share of surplus previously paid on similar policies;
(c) Making any false or misleading representation as to the financial condition of any insurer, or as to the legal reserve system upon which any life insurer operates;
(d) Using any name or title of any policy or class of policies misrepresenting the true nature thereof;
(e) Employing any device, scheme or artifice to defraud;
(f) Obtaining money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statement, in light of the circumstances under which it was made, not misleading;
(g) Engaging in any other transaction, practice or course of business that operates as a fraud or deceit upon the purchaser, insured or person with policy ownership rights; or
(h) Materially misrepresenting the provider network of an insurer offering managed health insurance or preferred provider organization insurance as defined in ORS 743B.001, including its composition and the availability of its providers to enrollees in the plan. [1967 c.359 §574; 2001 c.266 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.085 - Regulating replacement of life insurance; compensation of insurance producers; rules.

In addition to all other powers of the Director of the Department of Consumer and Business Services with respect thereto, the director may issue rules:
(1) Requiring persons who replace, or offer or propose to replace, existing life insurance, to leave with the policyholder written, signed and dated statements which fully and correctly compare the terms, conditions and benefits of an existing policy with the proposed policy; and
(2) Limiting the commission or compensation payable to an insurance producer on account of a life insurance policy that provides a nonforfeiture value sold to replace an existing life insurance policy that provides a nonforfeiture value to the commission or compensation the insurance producer would have received if both the replaced and the replacement insurance policies had been carried by the insurer which issues the replacement policy. [1967 c.359 §575; 1971 c.231 §35; 2003 c.364 §137]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.100 - Misrepresentation in insurance applications or transactions.

No person shall make a false or fraudulent statement or representation on or relative to an application for insurance, or for the purpose of obtaining a fee, commission, money or benefit from an insurer or insurance producer. [Formerly 736.460; 2003 c.364 §138]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.110 - False, deceptive or misleading statements.

No person shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio or television station, or in any other way, an advertisement, announcement or statement containing any assertion, representation or statement with respect to the business of insurance or with respect to any person in the conduct of the insurance business, which is untrue, deceptive or misleading. [Formerly 736.608]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.115 - Advertisements in languages other than English.

(1) An insurer or licensee who advertises in a language other than English is not required to provide an insurance policy in any language other than English so long as the advertisement states clearly that the policy that is purchased is available only in English.
(2) Advertisements regarding an insurance policy in languages other than English may not be construed to modify the policy in the event of a dispute over the provisions of the policy. [1997 c.809 §2; 2003 c.249 §1]
Note:
746.115 was added to and made a part of ORS chapter 746 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 746 - Trade Practices › Section 746.120 - Illegal dealing in premiums.

No person shall willfully collect any sum as premium or charge for insurance which is not then provided, or is not in due course to be provided subject to acceptance of the risk by the insurer, under an insurance policy issued by an insurer in conformity to the Insurance Code. [1967 c.359 §579]