Title 56, Insurance

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: (1) Reinsurance. (2) Wet marine and transportation insurance policies. (3) Surplus l…

(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 …

(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 r…

The Director of the Department of Consumer and Business Services shall disapprove any form requiring the director’s approval: (1) If the director finds it does not comply with the law; (2) If the director finds it contains any provision, including statement of premium, or has any…

(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 he…

(1) As used in this section: (a) “Health benefit plan” has the meaning given that term in ORS 743B.005. (b) “Health savings account” means an account established under section 223 of the Internal Revenue Code. (2) This section applies to a health benefit plan that is: (a) Offered…

(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…

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]

(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 unde…

(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 t…

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]

(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…

(1) Every policy shall specify: (a) The names of the parties to the contract. (b) The subject of the insurance. (c) The hazards or perils insured against. (d) The time when the insurance thereunder takes effect and the period during which the insurance is to continue. (e) The pre…

(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 …

A policy may contain additional provisions not inconsistent with the Insurance Code and which are: (1) Required to be inserted by the laws of the insurer’s domicile; (2) Necessary, on account of the manner in which the insurer is constituted or operated, in order to state the rig…

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 motiv…

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…

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 applic…

(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. (2) Any insurance policy issued and otherwise valid which contains any condition, omission or provision not in com…

(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…

(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 superse…

(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 …

(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. (2) A policy of insurance may provide that the time at whic…

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 spec…

(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 p…

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: (1) Acknowledgment o…

(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 o…

(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, an…

(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 Consume…

(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: (a) The policy must be issued to and insure the employer, the trustee or…

(1) As used in this section, “qualified policy” means an insurance policy that is: (a) Homeowner insurance, as defined in ORS 746.600; or (b) Personal insurance, as defined in ORS 746.600 (33)(a) and (c). (2) An insurer that renews an existing qualified policy with an insured sha…

(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 f…

ORS 742.150 does not apply to any of the following: (1) A reinsurance agreement or transaction in which the ceding insurer remains directly liable for its insurance obligations or risks under the policies that are subject to the reinsurance agreement. (2) The substitution of one …

The Director of the Department of Consumer and Business Services shall consider the following factors, along with other factors that the director determines to be appropriate, in reviewing a request for approval of an assumption reinsurance agreement to which ORS 742.150 applies:…

(1) The transferring insurer in an assumption reinsurance agreement to which ORS 742.150 applies shall provide or cause to be provided a notice of transfer meeting the requirements established under this section to the following persons: (a) Each policyholder who has the right to…

(1) A policyholder or certificate holder described in ORS 742.156 may reject the transfer and novation of the policy under an assumption reinsurance agreement to which ORS 742.150 applies. A policyholder or certificate holder electing to reject the assumption transaction must giv…

If a policyholder consents to a transfer as provided in ORS 742.158, or if a transfer is effected under ORS 742.162, the effect of the novation of the policy subject to the assumption reinsurance agreement is that the transferring insurer is relieved of all insurance obligations …

(1) A transfer and novation effected as provided in this section is not an assumption reinsurance agreement to which ORS 742.150 applies. (2) The Director of the Department of Consumer and Business Services may effect a transfer and novation of the policies issued by a domestic i…

(1) No insurer, insurance producer or insured shall knowingly issue or procure any fire insurance policy upon property within this state for an amount which with any existing insurance exceeds the fair value of the risk insured or of the interest of the insured therein. (2) This …

Except as provided in ORS 742.204, no fire insurer, its officers or agents, shall use any fire insurance policy or renew any fire insurance policy on property in this state unless it contains the provisions set forth in ORS 742.206 to 742.242, which shall form a portion of the co…

Any insurance policy that includes, either on an unspecified basis as to coverage or for a single premium, coverage against the peril of fire and substantial coverage against other perils need not comply with the provisions of ORS 742.202 and 742.246, if such policy: (1) Affords …

A fire insurance policy shall contain provisions as follows: “In consideration of the provisions and stipulations herein or added hereto and of _____ dollars ($_____) premium this company, for the term of _____ from the _____ day of _____, 2___, to the ___ day of _____, 2___, at …

A fire insurance policy shall contain the following provisions: (1) Subject to subsections (2) and (3) of this section, this entire policy shall be void if, whether before or after a loss, the insured has willfully concealed or misrepresented any material fact or circumstance con…

A fire insurance policy shall contain a provision as follows: “This policy shall not cover accounts, bills, currency, deeds, evidences of debt, money or securities; nor, unless specifically named hereon in writing, bullion or manuscripts.” [Formerly 743.615]

A fire insurance policy shall contain a provision as follows: “This company shall not be liable for loss by fire or other perils insured against in this policy caused, directly or indirectly, by: (a) Enemy attack by armed forces, including action taken by military, naval or air f…

A fire insurance policy shall contain a provision as follows: “Other insurance may be prohibited or the amount of insurance may be limited by indorsement attached hereto.” [Formerly 743.621]

A fire insurance policy shall contain a provision as follows: “Unless otherwise provided in writing added hereto this company shall not be liable for loss occurring: “(1) While the hazard is increased by any means within the control or knowledge of the insured; or “(2) While a de…

A fire insurance policy shall contain a provision as follows: “Any other peril to be insured against or subject of insurance to be covered in this policy shall be by indorsement in writing hereon or added hereto.” [Formerly 743.627]

A fire insurance policy shall contain a provision as follows: “The extent of the application of insurance under this policy and of the contribution to be made by this company in case of loss, and any other provision or agreement not inconsistent with the provisions of this policy…

A fire insurance policy shall contain a provision as follows: “No permission affecting this insurance shall exist, or waiver of any provision be valid, unless granted herein or expressed in writing added hereto. No provision, stipulation or forfeiture shall be held to be waived b…