Title 56, Insurance

A fire insurance policy shall contain a provision as follows: “In case the insured and this company shall fail to agree as to the actual cash value or the amount of loss, then, on the written demand of either, each shall select a competent and disinterested appraiser and notify t…

A fire insurance policy shall contain a provision as follows: “It shall be optional with this company to take all, or any part, of the property at the agreed or appraised value, and also to repair, rebuild or replace the property destroyed or damaged with other of like kind and q…

A fire insurance policy shall contain a provision as follows: “There can be no abandonment to this company of any property.” [Formerly 743.654]

A fire insurance policy shall contain a provision as follows: “The amount of loss for which this company may be liable shall be payable 60 days after proof of loss, as herein provided, is received by this company and ascertainment of the loss is made either by agreement between t…

A fire insurance policy shall contain a provision as follows: “No suit or action on this policy for the recovery of any claim shall be sustainable in any court of law or equity unless all the requirements of this policy shall have been complied with, and unless commenced within 2…

A fire insurance policy shall contain a provision as follows: “This company may require from the insured an assignment of all right of recovery against any party for loss to the extent that payment therefor is made by this company.” [Formerly 743.663]

Insurers issuing the standard fire insurance policy pursuant to ORS 742.202 are authorized to affix thereto or include therein a written statement that the policy does not cover loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination, all wheth…

(1) A fire insurer may add to the provisions required by ORS 742.202 other conditions, provisions and agreements not in conflict with law or contrary to public policy. (2) Any provision restricting or abridging the rights of the insured under the policy must be preceded by a suff…

(1) Each person accepting a policy in a mutual fire insurer thereby becomes a member of the insurer and liable for a proportionate share of losses and operating expenses. (2) Any person or persons holding property in trust may insure the same in a mutual fire insurer, and as such…

An action may be brought against any member of a mutual fire insurer who neglects or refuses to pay any assessment levied by the insurer to recover the whole amount of contingent liability with costs of the action. Execution shall issue on a judgment recovered in such an action f…

Any member of a mutual fire insurer may withdraw at any time by surrendering the member’s policy to the insurer, giving written notice to the secretary of intention to withdraw and paying the member’s share of all losses which have accrued and all assessments then due, accrued or…

(1) A mutual fire insurer may cancel or terminate any fire insurance policy by giving the insured five days’ written notice and returning to the insured any unearned assessment computed pro rata. (2) A mutual fire insurer shall use and issue only the standard form of policy requi…

(1) An insurer offering homeowner or renter liability or fire insurance may not cancel or refuse to issue or renew a policy on a private home solely on the basis that the policyholder operates a child care facility if the policyholder is registered or certified pursuant to ORS 32…

(1) As used in this section: (a) “Homeowner insurance” has the meaning given that term in ORS 746.600. (b) “Property” means structures and dwellings, and the contents of structures and dwellings, that are covered by a policy of homeowner insurance. (2) If a policy of homeowner in…

If a loss covered under a policy of homeowner insurance, as defined in ORS 746.600, occurs in a location that was subject to a declaration of emergency under ORS 401.165 and the loss is directly related to the emergency that was the subject of the declaration, the policy of homeo…

An insurer shall provide to an insured every other year at the time the insurer offers to renew a policy of homeowner insurance, as defined in ORS 746.600, an opportunity to obtain a new estimate of the cost necessary to rebuild or replace the covered property if the insured prov…

(1) As used in this section: (a) “Homeowner insurance” has the meaning given that term in ORS 746.600. (b) “Wildfire risk mitigation action” means an action that reduces wildfire risk to property, including: (A) A property-level action, such as establishing defensible space, hard…

An insurance company may not use a map published by an agency of this state that identifies areas of wildfire risk or exposure as a basis for: (1) Canceling or declining to renew a homeowner insurance policy; or (2) Increasing a premium for a homeowner insurance policy. [2023 c.6…

(1) A home protection policy shall specify: (a) The home, home components and personal property relating to the home or its components that are covered by the policy. (b) The exclusions to and limitations on the coverage. (c) The period during which the policy will be in effect a…

(1) No mortgage insurer shall provide insurance with respect to an obligation which exceeds, solely or in combination with liens existing at the time the insured loan is made: (a) Ninety-five percent of the fair market value of the securing property at the time the loan is made, …

(1) Obligations insured by mortgage insurance policies issued in conformity with the Insurance Code shall be legal investments for all trust funds held by any executor, administrator, conservator, trustee or other person or corporation holding trust funds, and also for the funds …

All policies and contracts of insurance covering liens or security interests in real property shall be written by authorized mortgage insurers. No other class of insurer may write any form of mortgage insurance. [Formerly 743.711]

(1) Whenever any bond, undertaking, recognizance, or other obligation is by law or the charter, ordinance, rules or regulations of any municipality, board, body, organization, court, judge or public officer required or permitted to be made, given, tendered or filed with surety or…

Any receiver, assignee, guardian, conservator, trustee, executor, administrator or other fiduciary, required by law or the order of any court or judge to give a bond, letter of credit or other obligation as such, may include as a part of the lawful expense of executing the trust,…

Any state, county or municipal officer or officer of any school district, public board or public commission within this state, or any deputy employed in the office of any such official, who is required by law, ordinance, regulation or public policy to give a bond or letter of cre…

(1) Any surety insurer may contract for and receive and hold on deposit and in trust property of any kind as collateral security on any policy of guaranty or suretyship executed by it. The insurer may manage, realize on and dispose of the property so received and held on deposit …

(1) Any official whose duty it is to approve any bond or undertaking given in favor of the state or any county, city, school district, drainage or irrigation district, board or commission within the state may cancel the bond or undertaking by serving written notice of its electio…

(1) The surety or sureties on the bond of any public official in this state shall be released from any future liability thereon upon giving notice of election to be released as provided in this section. (2) A surety desiring to be released from liability on the bond of any state …

(1) A surety wishing to terminate the liability undertaken upon any bank depository bond or undertaking given to guarantee the safekeeping and return of any public moneys deposited in the bank may do so by giving notice of election so to do to the principal and to the official wh…

Whenever a notice is filed, or filed and served, as provided in ORS 742.358, 742.360 and 742.362, or received after mailed as provided in ORS 742.366, the proper authority shall prescribe the penalty or amount in which a new or additional bond or undertaking shall be filed. If no…

(1) As used in this section: (a) “Bond” means any undertaking, recognizance or other obligation required by statute, ordinance or regulation to be executed by a surety and given to a public body by any person as a condition to the granting of a permit, license or franchise by a p…

A surety insurer executing any bond or undertaking under the provisions of the Insurance Code is estopped in any proceeding, to deny its corporate power to execute such bond or undertaking or to assume such liability, and all such bonds or undertakings shall in any action be cons…

Whenever any person is required by the provisions of any statute to give a bond to this state or any of its political subdivisions and the statute requires to be included therein any specific provisions, the bond shall have the same legal effect as though such provisions were inc…

As used in ORS 742.374 and 742.376, “guaranteed arrest bond certificate” means any printed certificate which: (1) Is issued by an automobile club or automobile association to any of its members; (2) Is signed by the member to whom it is issued; and (3) Contains a printed statemen…

Upon compliance with ORS 742.376, any authorized domestic or foreign surety insurer may become surety in an amount not to exceed $1,000 with respect to any unexpired guaranteed arrest bond certificate that is issued by an automobile club or association. [Formerly 747.084 and then…

To become surety under ORS 742.374 with respect to an unexpired guaranteed arrest bond certificate that is accepted during any year under ORS 810.320, the surety insurer shall file with the Director of the Department of Consumer and Business Services on a form prescribed by the d…

(1) A reimbursement insurance policy insuring service contracts issued, sold or offered for sale in this state shall conspicuously state that, upon failure of the obligor to perform under the contract, the insurer that issued the policy shall pay on behalf of the obligor any sums…

An insurer that issues a reimbursement insurance policy shall not terminate the policy until a notice of termination has been mailed or delivered to the Director of the Department of Consumer and Business Services. The notice of termination shall be mailed or delivered to the dir…

(1) As used in this section: (a) “Claim” means a written demand for payment from or on behalf of a covered practitioner for an injury alleged to have been caused by professional negligence that is made in a complaint filed with a court of appropriate jurisdiction. (b) “Covered pr…

(1) No insurer may require membership in a professional association as a condition of issuance of medical malpractice insurance to a physician. However, nothing in this subsection prohibits an insurer from requiring as a condition of coverage of a nonmember that the nonmember agr…

(1) As used in this section: (a) “Adverse event” means a negative consequence of patient care that is unanticipated, is usually preventable and results in or presents a significant risk of patient injury. (b) “Claim” means a written demand for restitution for an injury alleged to…

(1) Every insurer that issues motor vehicle insurance that is designed to meet either the financial or future responsibility requirements of ORS chapter 806 shall issue with the policy proof of insurance that shows the effective date and the expiration date of the insurance. (2) …

An insurer issuing motor vehicle liability insurance policies in this state may not assign an insured or applicant for insurance to a higher risk category than the person would otherwise be assigned to solely because the person has: (1) Let a prior motor vehicle liability policy …

(1) Every motor vehicle liability insurance policy issued for delivery in this state shall state the name and address of the named insured, the coverage afforded by the policy, the premium charged therefor, the policy period and the limits of liability. (2) Every motor vehicle li…

The motor vehicle liability insurance policy required by ORS 806.010, 806.060, 806.080, 806.240 or 806.270 need not insure any liability under any workers’ compensation law; nor any liability on account of bodily injury to or death of an employee of the insured while engaged in t…

The liability of an insurer with respect to the motor vehicle liability insurance policy required by ORS 806.060, 806.240 or 806.270 shall become absolute whenever injury or damage covered by the policy occurs. The policy may not be canceled or annulled as to such liability by an…