Chapter 742 — Chapter 742

ORS 742.001 Scope of ORS chapters 742, 743, 743A and 743B. Except as specifically provided in ORS 750.055 and 750.333, this chapter and ORS chapters 743, 743A and 743B apply to all insurance policies delivered or issued for delivery in this state except

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ORS 742.003 Filing and approval of policy forms; rules. (1) Except where otherwise provided by law, no basic policy form, or application form where written application is required and is to be made a part of the policy, or rider, indorsement or renewal certificate form shall be delivered or issued for delivery in this state until the form has been filed with and approved by the Director of the Department of Consumer and Business Services. This section does not apply to

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ORS 742.004 Exemptions from requirement to file rates and policy forms; application to consumer insurance; sample disclosure notice; rules. (1) Notwithstanding provisions of the Insurance Code that require insurers to file rates and policy forms with the Director of the Department of Consumer and Business Services, and except as provided in subsections (3), (4) and (5) of this section, an insurer is exempt from the requirement to file with the director rates or policy forms for the classes of insurance specified in subsection (2) of this section

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ORS 742.005 Grounds for disapproval of policy forms. The Director of the Department of Consumer and Business Services shall disapprove any form requiring the director’s approval

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ORS 742.007 Director’s withdrawal of approval. (1) The Director of the Department of Consumer and Business Services may, at any time after a hearing held not less than 20 days after written notice to the insurer, withdraw the director’s approval of any form on any ground set forth in ORS 742.005. The written notice of such hearing shall state the reason for the proposed withdrawal

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ORS 742.008 Health savings account exemption from prohibition on deductible. (1) As used in this section

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ORS 742.009 Regulation of sales material; rules. (1) The Director of the Department of Consumer and Business Services, if the director considers it necessary, may require the filing by an insurer or insurance producer of any sales presentation material for use in the sale or the presentation for sale of any policy. The director, within 60 days after the filing of the sales presentation material, shall disapprove any such sales presentation material if the director finds that, in whole or in part, it is false, deceptive or misleading. Upon disapproval, such sales presentation material shall not be made, issued, circulated, displayed or given other use by the insurer or by insurance producers

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ORS 742.010 [Amended by 1953 c.718 §3; 1959 c.281 §1; 1965 c.611 §2; 1967 c.359 §654; renumbered 750.005]

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ORS 742.011 Insurable interest in property. No policy of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. [Formerly 743.033]

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ORS 742.013 Representations in applications. (1) All statements and descriptions in any application for an insurance policy by or in behalf of the insured, shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealments of facts and incorrect statements shall not prevent a recovery under the policy unless the misrepresentations, omissions, concealments of fact and incorrect statements

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ORS 742.015 [1965 c.611 §3; 1967 c.359 §655; renumbered 750.015]

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ORS 742.016 Policy constitutes entire contract; oral representations by insured. (1) Except as provided in ORS 742.043, every contract of insurance shall be construed according to the terms and conditions of the policy. When the contract is made pursuant to a written application therefor, if the insurer delivers a copy of such application with the policy to the insured, thereupon such application shall become a part of the insurance policy. Any application that is not so delivered to the insured shall not be a part of the insurance policy and the insurer shall be precluded from introducing such application as evidence in any action based upon or involving the policy. Any oral representations by the insured that are not included in an application shall not be a part of the insurance policy and the insurer shall be precluded from introducing such representations as evidence in any action based upon or involving the policy

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ORS 742.018 Provision for construction according to foreign law prohibited. No policy of insurance shall contain any condition, stipulation or agreement requiring such policy to be construed according to the laws of any other state or country. Any such condition, stipulation or agreement shall be invalid. [Formerly 736.315 and then 743.048]

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ORS 742.020 [Amended by 1965 c.611 §4; repealed by 1967 c.359 §704]

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ORS 742.021 Standard provisions in general. (1) Insurance policies shall contain such standard or uniform provisions as are required by the applicable provisions of the Insurance Code. However, the insurer may at its option substitute for one or more of such provisions corresponding provisions of different wording approved by the Director of the Department of Consumer and Business Services which are in each instance not less favorable in any respect to the insured or the beneficiary

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ORS 742.023 Contents of policies in general. (1) Every policy shall specify

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ORS 742.025 [1965 c.611 §5; 1967 c.359 §656; renumbered 750.025]

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ORS 742.026 Underwriters’ and combination policies. (1) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters’ policy bearing their names. Any one insurer may issue policies in the name of an underwriter’s department and such policy shall plainly show the true name of the insurer

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ORS 742.028 Additional policy contents. A policy may contain additional provisions not inconsistent with the Insurance Code and which are

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ORS 742.030 [Repealed by 1967 c.359 §704]

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ORS 742.031 Bankruptcy clause required in certain liability policies. A policy of insurance against loss or damage resulting from accident to or injury suffered by an employee or other person and for which the person insured is liable, or against loss or damage to property caused by horses or by any vehicle drawn, propelled or operated by any motive power, and for which loss or damage the person insured is liable, shall contain within such policy a provision substantially as follows: “Bankruptcy or insolvency of the insured shall not relieve the insurer of any of its obligations hereunder. If any person or legal representative of the person shall obtain final judgment against the insured because of any such injuries, and execution thereon is returned unsatisfied by reason of bankruptcy, insolvency or any other cause, or if such judgment is not satisfied within 30 days after it is rendered, then such person or legal representatives of the person may proceed against the insurer to recover the amount of such judgment, either at law or in equity, but not exceeding the limit of this policy applicable thereto.” [Formerly 743.783 and then 743.772]

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ORS 742.033 Charter and bylaw provisions. No policy shall contain any provision purporting to make any portion of the charter, bylaws or other constituent document of the insurer (other than the subscriber’s agreement or power of attorney of a reciprocal insurer) a part of the contract unless such portion is set forth in full in the policy. Any policy provision in violation of this section shall be invalid. [Formerly 743.063]

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ORS 742.035 [1965 c.611 §19; 1967 c.359 §657; renumbered 750.035]

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ORS 742.036 Assessment policies, special contents. Every policy issued on the assessment plan, and the form of any application for such a policy to be signed by the applicant, shall have conspicuously printed near the top of the face thereof in boldfaced type of a size not smaller than used for any caption in the policy or application, as applicable, the words “The policyholder is subject to assessment by the company” or such other words as the Director of the Department of Consumer and Business Services may require. [Formerly 743.066]

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ORS 742.038 Validity and construction of noncomplying forms. (1) A policy in violation of the Insurance Code, but otherwise binding on the insurer, shall be held valid, but shall be construed as provided in the Insurance Code

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ORS 742.040 [Amended by 1965 c.611 §6; repealed by 1967 c.359 §704]

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ORS 742.041 Permissible classes of insurance in one policy. (1) Except as provided in this section, when more than one class of insurance as defined in ORS 731.150 to 731.194 is effected by an insurer each class shall be written in a separate and distinct policy. Any such policy may be canceled, surrendered or otherwise terminated without affecting other premiums paid or policies held by the same insured

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ORS 742.043 Binders. (1) Binders or other contracts for temporary insurance may be made orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable indorsements as are designated in the binder, except as superseded by the clear and express terms of the binder

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ORS 742.045 [1953 c.605 §3; 1965 c.611 §7; repealed by 1967 c.359 §704]

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ORS 742.046 Delivery of policy; website posting as alternative to delivery. (1) Subject to the insurer’s requirements for paying premiums, the insurer shall mail or deliver every policy to the insured or to the person entitled to the policy within a reasonable period of time after the insurer issues the policy, unless the insured has not met a condition required by the insurer

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ORS 742.048 Effective date and time of coverage; applicability. (1) Except as provided in subsections (2), (4) and (5) of this section, every policy of insurance shall contain a provision stating that coverage commences at 12:01 a.m. of the date upon which the insurance takes effect

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ORS 742.050 [Amended by 1955 c.372 §1; 1957 c.4 §1; 1965 c.611 §8; 1967 c.359 §658; renumbered 750.045]

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ORS 742.051 Renewal by certificate. Any insurance policy terminating by its terms at a specified expiration date and not otherwise renewable, may be renewed or extended at the option of the insurer, if renewed or extended upon a currently authorized policy form at the premium rate then required therefor, for a specific additional period or periods by certificate or by indorsement of the policy, without requiring the issuance of a new policy. [Formerly 743.081]

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ORS 742.053 Forms for proving loss; responsibility of insurer; proof of loss covered under policy of fire insurance; requirements for insurer in instances of total loss related to major disaster; rules. (1) An insurer, in response to a written request, shall provide forms for proving a loss for which a person makes a claim under an insurance policy the insurer issues. The requirement to provide forms under this subsection does not impose responsibility upon the insurer for the person’s proof of loss, attempt to prove the loss or manner of proving the loss

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ORS 742.055 [1955 c.236 §1; 1965 c.611 §9; repealed by 1967 c.359 §704]

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ORS 742.056 Certain conduct not deemed waiver. Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of or estoppel to assert any provision of a policy or of any defense of the insurer thereunder

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ORS 742.058 Return of premium on destruction of property. (1) In the event of the total destruction of any insured property, if the total amount of loss or agreed loss is less than the total amount insured thereon, the insurer or insurers shall return to the insured the portion of insurance premium paid for the excess of the insurance over the loss. This amount shall be paid at the same time and in the same manner as the loss

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ORS 742.060 [Amended by 1965 c.611 §10; repealed by 1967 c.359 §704]

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ORS 742.061 Recovery of attorney fees in action on policy or contractor’s bond. (1) Except as otherwise provided in subsections (2) and (3) of this section, if settlement is not made within six months from the date proof of loss is filed with an insurer and an action is brought in any court of this state upon any policy of insurance of any kind or nature, and the plaintiff’s recovery exceeds the amount of any tender made by the defendant in such action, a reasonable amount to be fixed by the court as attorney fees shall be taxed as part of the costs of the action and any appeal thereon. If the action is brought upon the bond of a contractor or subcontractor executed and delivered as provided in ORS 279B.055, 279B.060, 279C.380 or 701.430 and the plaintiff’s recovery does not exceed the amount of any tender made by the defendant in such action, a reasonable amount to be fixed by the court as attorney fees shall be taxed and allowed to the defendant as part of the costs of the action and any appeal thereon. If in an action brought upon such a bond the surety is allowed attorney fees and costs and the contractor or subcontractor has incurred expenses for attorney fees and costs in defending the action, the attorney fees and costs allowed the surety shall be applied first to reimbursing the contractor or subcontractor for such expenses

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ORS 742.063 Filing and approval of liability form that includes cost of defense within limits of liability. (1) A liability insurance form that provides that the cost of defending a claim is included within the stated limits of liability may not be delivered or issued for delivery in this state until the form has been filed with and approved by the Director of the Department of Consumer and Business Services. In determining whether to approve or disapprove a form filed under this section, the director shall consider, in addition to the factors specified in ORS 742.005, the circumstances and insurance needs of the proposed insureds

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ORS 742.065 Insurance against risk of loss assumed under less than fully insured employee health benefit plan. (1) Insurance against the risk of economic loss assumed under a less than fully insured employee health benefit plan, whether issued or delivered as health or casualty insurance, is subject to the following

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ORS 742.070 [Amended by 1955 c.372 §2; 1965 c.611 §11; repealed by 1967 c.359 §704]

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ORS 742.075 Requirement for clear and reasonable written explanation of increase in amount of premium upon renewal of qualified policy; rules. (1) As used in this section, “qualified policy” means an insurance policy that is

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ORS 742.080 [1953 c.605 §3; 1965 c.611 §12; repealed by 1967 c.359 §704]

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ORS 742.090 [1965 c.611 §13; repealed by 1967 c.359 §704]

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ORS 742.100 [1965 c.611 §7a; repealed by 1967 c.359 §704]

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ORS 742.110 [1965 c.35 §4; repealed by 1967 c.359 §704]

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ORS 742.120 [1965 c.573 §5; repealed by 1967 c.359 §704]

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ORS 742.150 Approval by director; limitations on authority of insurer; definition. (1) A domestic insurer shall not enter a transaction in which the domestic insurer assumes or transfers obligations or risks on policies under an assumption reinsurance agreement as defined in this section, unless the Director of the Department of Consumer and Business Services first approves the transaction. A domestic insurer must submit with its request for approval a proposed notice of transfer required in ORS 742.156

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ORS 742.152 Limitations on applicability of ORS 742.150. ORS 742.150 does not apply to any of the following

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