Chapter 744 — Chapter 744
296 sections in this chapter.
ORS 744.160 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.165 [Formerly 739.520; 1971 c.231 §32; 1983 c.265 §1; repealed by 2001 c.191 §61]
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[Repealed or reserved.]
ORS 744.170 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.175 [1967 c.359 §541; 1975 c.769 §6; 1989 c.692 §§1,2; 1989 c.701 §36; 2001 c.191 §24a; renumbered 744.081 in 2001]
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[Repealed or reserved.]
ORS 744.180 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.182 [1989 c.701 §37; 1995 c.639 §5; repealed by 2001 c.191 §61]
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[Repealed or reserved.]
ORS 744.185 [1967 c.359 §542; repealed by 1989 c.701 §81]
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[Repealed or reserved.]
ORS 744.190 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.195 [1967 c.359 §543; 1989 c.413 §12; 1989 c.701 §§32,81d; renumbered 744.123 in 1989]
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[Repealed or reserved.]
ORS 744.200 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.205 [1967 c.359 §544; 1977 c.820 §2; 1979 c.501 §6; 1981 c.817 §3; 1983 c.76 §6; 1989 c.701 §31; renumbered 744.119 in 1989]
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[Repealed or reserved.]
ORS 744.215 [1967 c.359 §545; 1989 c.413 §13; 1989 c.701 §40; renumbered 744.235 in 1989]
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[Repealed or reserved.]
ORS 744.225 [1987 c.569 §2; 1989 c.701 §38; 1997 c.631 §549; 2001 c.191 §24b; renumbered 744.083 in 2001]
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[Repealed or reserved.]
ORS 744.227 [1989 c.680 §2; 2001 c.191 §24c; renumbered 744.084 in 2001]
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[Repealed or reserved.]
ORS 744.231 [1989 c.701 §39; repealed by 2001 c.191 §61]
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[Repealed or reserved.]
ORS 744.235 [Formerly 744.215; repealed by 1993 c.265 §14]
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[Repealed or reserved.]
ORS 744.240 [Formerly 744.012; renumbered 744.086 in 2001]
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[Repealed or reserved.]
ORS 744.245 [Formerly 744.017; 1999 c.55 §4; renumbered 744.087 in 2001]
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[Repealed or reserved.]
ORS 744.255 [1967 c.359 §546; 1969 c.336 §15; 1983 c.76 §7; 1985 c.697 §15; 1987 c.774 §141; 1989 c.701 §8; renumbered 744.013 in 1989]
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[Repealed or reserved.]
ORS 744.260 [1971 c.231 §9; 1983 c.76 §8; 1985 c.697 §16; 1989 c.701 §9; renumbered 744.014 in 1989]
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[Repealed or reserved.]
ORS 744.265 [1967 c.359 §547; 1983 c.76 §9; 1989 c.701 §10; renumbered 744.016 in 1989]
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MANAGING GENERAL AGENTS
ORS 744.300 License and indorsement; managing general agent described. (1) A person shall not act as a managing general agent with respect to risks located in this state for an authorized insurer unless the person holds a license issued under ORS 744.062 authorizing the person to act as an insurance producer and indorsed to authorize the person to act as a managing general agent
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(2) A person shall not act as a managing general agent representing a domestic insurer with respect to risks located outside this state unless the person holds a license issued under ORS 744.062 authorizing the person to act as an insurance producer and indorsed to authorize the …
ORS 744.301 Exemptions from license requirement. The following persons are exempt from ORS 744.300
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(1) An employee of an insurer, when the employee is acting as a managing general agent for the insurer. (2) A United States manager of the United States branch of an alien insurer. (3) An underwriting manager who, pursuant to contract, manages all the insurance operations of the …
ORS 744.303 Certificate of errors and omissions insurance; rules. (1) A managing general agent must maintain with the Director of the Department of Consumer and Business Services at all times a current certificate of errors and omissions insurance, in an amount established by the director by rule, from an insurer authorized to transact insurance in this state or from any other insurer acceptable to the director according to standards established by rule. The insurance must cover errors and omissions of and any violation of fiduciary responsibility by the managing general agent or its employees, or both
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(2) If the director determines that 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 once again becomes generally available. […
ORS 744.305 [Formerly 750.010; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.306 Contract between insurer and managing general agent. A person acting as a managing general agent shall not place business with an insurer unless a written contract is in force between the parties. The following requirements apply to such a contract
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(1) The contract must set forth the responsibilities of each party. (2) The contract must specify the division of responsibility for a particular function, when both parties share responsibility for the function. (3) The contract must include at least the following provisions: (a…
ORS 744.308 Limitations on authority of insurer and managing general agent. (1) An insurer shall not allow a managing general agent, without prior approval of the insurer, to pay or commit the insurer to pay a claim over the amount, net of reinsurance, specified in the contract under ORS 744.306. The amount established in the contract shall not exceed one percent of the insurer’s policyholder surplus as of December 31 of the last completed calendar year
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(2) Neither an insurer nor a managing general agent may allow a subagent of the managing general agent to serve on the board of directors of the insurer. (3) An insurer and a managing general agent may not jointly employ any individual. [1991 c.495 §6]
ORS 744.310 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.311 Books, bank accounts and records. A managing general agent shall maintain all of its books, bank accounts and records in a form usable by the Director of the Department of Consumer and Business Services. The managing general agent shall allow the director access to all of its books, bank accounts and records. [1991 c.495 §7]
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[Repealed or reserved.]
ORS 744.313 Financial examination; loss reserves; notification of appointment and termination; acts of managing general agent attributed to insurer. (1) An insurer shall have on file an independently performed financial examination of each managing general agent with which it has done business, in a form prescribed by the Director of the Department of Consumer and Business Services
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(2) An insurer is ultimately responsible for reporting the loss reserves. If a managing general agent calculates the loss reserves or a portion thereof, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves calculated for losses in…
ORS 744.314 Rules. The Director of the Department of Consumer and Business Services may adopt rules to carry out ORS 744.300 to 744.316. [1991 c.495 §10]
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[Repealed or reserved.]
ORS 744.315 [Formerly 750.020; 1981 c.455 §1; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.316 Authority of director if managing general agent violates provisions of ORS 744.300 to 744.316. If the Director of the Department of Consumer and Business Services finds that a managing general agent has violated any provision of ORS 744.300 to 744.316, the director may order the managing general agent to reimburse the insurer or the rehabilitator or liquidator of the insurer for losses incurred by the insurer because of the violation. The director may take action under this section in addition to or instead of any other action the director may take under the Insurance Code. [1993 c.447 §63c]
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LIFE SETTLEMENT CONTRACTS
ORS 744.318 Definitions for ORS 744.318 to 744.384. As used in ORS 744.318 to 744.384, 744.991 and 744.992
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(1) “Advertising” means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmission on radio, television, the Internet or similar communications media, including film strips, motion pictures and videos, published, …
ORS 744.319 [1995 c.342 §2; repealed by 2009 c.711 §23]
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[Repealed or reserved.]
ORS 744.320 [Amended by 1959 c.369 §5; repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.321 Life settlement providers. (1) A person shall not act as a life settlement provider unless the person holds a license of life settlement provider issued by the Director of the Department of Consumer and Business Services
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(2) A life settlement provider may use the term “viatical settlement provider” to describe the business transacted under the license and may use the term “viatical settlement contract” instead of “life settlement contract.” (3) A related provider trust must have a written agreeme…
ORS 744.323 Life settlement brokers. (1) A person shall not act as a life settlement broker unless the person holds a license of life settlement broker issued by the Director of the Department of Consumer and Business Services
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(2) A life insurance producer who has been duly licensed as a resident insurance producer with a life line of authority in this state or the producer’s home state for at least one year and is licensed as a nonresident producer in this state meets the licensing requirements of thi…
ORS 744.324 Life settlement investment agents. A person shall not operate as a life settlement investment agent unless the person holds a license of life settlement investment agent issued by the Director of the Department of Consumer and Business Services or the person has obtained the appropriate license from the equivalent chief insurance regulatory official of the state of residence of the life settlement purchaser whom the agent is negotiating with on behalf of a life settlement provider. If there is more than one purchaser of a single policy and the purchasers are residents of different states, the life settlement investment agent must be licensed by the state in which the purchaser having the largest percentage ownership resides or, if the purchasers hold equal ownership, the state of residence of one purchaser agreed upon in writing by all purchasers. [2009 c.711 §5]
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[Repealed or reserved.]
ORS 744.325 [1967 c.359 §550; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.326 License application; fee. (1) In order to obtain a license to transact business as a life settlement provider or as a life settlement broker, an applicant shall apply for the license on a form prescribed by the Director of the Department of Consumer and Business Services, with payment of any fee required for the application
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(2) The director may request biographical, organizational, locational, financial, employment and any other information on the application form that the director determines to be relevant to the evaluation of applications and to the granting of the license. The director may also r…
ORS 744.328 Issuance of license. (1) If the Director of the Department of Consumer and Business Services determines that an applicant has satisfied all requirements for the license for which application is made, the director shall issue the license to the applicant. The director may issue a license if the director determines that the applicant, as required to be set forth in the application for the license
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(a) Has not engaged in conduct that would authorize the director to refuse to issue a license under ORS 744.338; (b) Is competent and trustworthy and intends to act in good faith in the capacity specified by the license applied for; (c) Has demonstrated evidence of financial resp…
ORS 744.330 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.331 Expiration of license; rules for renewal. (1) A license issued under ORS 744.328 expires on its expiration date unless it is renewed on or before its expiration date
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(2) Unless the Director of the Department of Consumer and Business Services designates another date, a license expires on the last day of the month in which the second anniversary of the initial issuance date of the license occurs, and on the second anniversary following each ren…
ORS 744.333 Individual acting as provider under license of firm or corporation. An individual may act as a life settlement provider under the authority of the license of a firm or corporate life settlement provider, whether or not the individual holds a license as a life settlement provider, if
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(1) The individual is a member or employee of the firm or is an employee, officer or director of the corporation; and (2) The individual is designated by the firm or corporation on its license application or on an amendatory or supplementary form thereto as authorized to act as a…
ORS 744.335 [1967 c.359 §551; 1981 c.455 §2; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.336 Notification by licensee of material change affecting qualification for license. A licensee shall immediately notify the Director of the Department of Consumer and Business Services of any material change in ownership or control or in any other matter affecting the qualification of the licensee for the license in this state. [1995 c.342 §9]
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[Repealed or reserved.]
ORS 744.338 Suspension, revocation, refusal to issue or renew license. (1) The Director of the Department of Consumer and Business Services may suspend, revoke, refuse to issue or refuse to renew a license of a licensee if the director finds one or more of the following with respect to the licensee or applicant for a license
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(a) Dishonesty, fraud or gross negligence in the conduct of business as a licensee, or the licensee or applicant is otherwise shown to be untrustworthy or incompetent to act as a licensee. (b) The life settlement provider demonstrates a pattern of unreasonable payments to policyh…
ORS 744.340 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.341 Terms of contract. (1) A life settlement contract must be in writing. A life settlement provider shall establish in the contract the terms under which the life settlement provider will pay compensation or anything of value in return for the policyholder’s or certificate holder’s assignment, transfer, sale, devise or bequest of the death benefit or ownership of the insurance policy or certificate to the life settlement provider
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(2) A life settlement provider shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless the life settlement provider has filed the form with the Director of the Department of Consumer and Business Services and the direc…