Title 56, Insurance

(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 direct…

(1) A license issued under ORS 744.328 expires on its expiration date unless it is renewed on or before its expiration date. (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 whic…

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: (1) The individual is a member or employee of the firm or is an…

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]

(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: (a) Dishonesty, fraud o…

(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, transfe…

(1) Each life settlement provider shall file a report for the preceding calendar year with the Director of the Department of Consumer and Business Services on or before March 1 of each year, or within such extension of time therefor as the director may grant. The report shall be …

(1) The Director of the Department of Consumer and Business Services may examine the business and practices of any licensee or applicant for a license when the director determines an examination to be necessary. The director may order a licensee or applicant to produce any record…

(1) With an application for a life settlement, a life settlement provider or life settlement broker shall provide the owner with at least the following disclosures no later than the time the application for the life settlement contract is signed by all parties. The disclosures mu…

Prior to the initiation of a plan, transaction or series of transactions, a life settlement broker or life settlement provider shall fully disclose to an insurer the plan, transaction or series of transactions to which the life settlement broker or life settlement provider is a p…

(1) With respect to each policy issued by an insurance company, the insurance company shall provide notice to the owner of an individual life insurance policy when the insured person under such a policy is 60 years of age or older and: (a) The life insurance company receives noti…

(1)(a) A life settlement provider entering into a life settlement contract shall first obtain: (A) If the owner is the insured, a written statement from a licensed physician, a naturopathic physician licensed under ORS chapter 685, a physician associate licensed under ORS 677.505…

(1) A person may not enter into a life settlement contract at any time prior to the application or issuance of a policy that is the subject of a life settlement contract or within a five-year period commencing with the date of issuance of the insurance policy or certificate. Howe…

(1) With respect to a life settlement contract or insurance policy, it is unlawful for a life settlement broker to knowingly solicit an offer from, effectuate a life settlement contract with or make a sale to a life settlement provider, financing entity or related provider trust …

(1) This section applies to any advertising of life settlement contracts, life purchase agreements or related products or services intended for dissemination in this state, including Internet advertising viewed by persons located in this state. When disclosure requirements are es…

(1) A person may not knowingly or intentionally interfere with the enforcement of the provisions of ORS 744.318 to 744.384, 744.991 and 744.992 or investigations of suspected or actual violations of ORS 744.318 to 744.384, 744.991 and 744.992. (2) A person in the business of life…

(1) A licensee may not pay or offer to pay a finder’s fee, commission or other compensation to a person described in this subsection, in connection with a policy insuring the life of an individual with a terminal illness or condition. The prohibition under this subsection applies…

The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out ORS 744.318 to 744.384, 744.991 and 744.992. In addition: (1) The director may establish standards for evaluating reasonableness of payments under life settlement cont…

As used in ORS 744.502 to 744.584: (1) “Adjuster” means a person that receives a fee, a commission or other compensation to investigate, negotiate or settle first party or third party losses that arise as claims under the terms of an insurance contract that insures a domestic ris…

Except as provided in ORS 744.515, a person may not engage in business as an adjuster unless the person has obtained a license to engage in business as an adjuster under ORS 744.521. [Formerly 736.485; 1983 c.76 §10; 1987 c.774 §139; 1989 c.413 §14; 1989 c.701 §43; 1991 c.810 §12…

(1) As used in this section: (a) “Automated claims adjudication system” means a preprogrammed computer system that a licensee or licensed insurance producer, or a person under a licensee’s or licensed insurance producer’s supervision, uses to collect, enter data concerning, calcu…

(1) An applicant for a license to engage in business as an adjuster shall submit to the Director of the Department of Consumer and Business Services, on a form, in a format and in the manner that the director specifies by rule, an application that: (a) Lists the applicant’s name,…

(1) The Director of the Department of Consumer and Business Services may issue a license for a person to engage in business as an adjuster in this state if the director finds that the person: (a) Submitted a complete and accurate application in accordance with ORS 744.518; (b) Pa…

(1) The Director of the Department of Consumer and Business Services may issue, renew or amend a business entity’s license to engage in business as an adjuster under ORS 744.521 only if the director finds that, for each category of insurance business or class of insurance in whic…

(1) An individual who applies for a license to engage in business as a resident adjuster must: (a) Establish a residence or place of business in which the applicant intends to transact insurance in this state before submitting an application; (b) Pass an examination that the Dire…

(1) The Director of the Department of Consumer and Business Services may issue a license to engage in business as an adjuster in this state to a person who resides in another state or a province of Canada and is licensed as an adjuster in the state or province or in a designated …

The classes of insurance that the Director of the Department of Consumer and Business Services may authorize a licensee to transact under a license to engage in business as an adjuster are: (1) Property and casualty insurance. Under this class, in addition to property and casualt…

(1) A nonresident adjuster may not engage in business as an adjuster in this state if the adjuster no longer holds a valid license as an adjuster in the state, province or designated home state in which the adjuster was licensed. If the adjuster’s license in the state, province o…

An adjuster may adjust a loss claimed under an insurance policy issued by an unauthorized insurer other than a surplus line insurer. The adjuster shall notify the Director of the Department of Consumer and Business Services thereof not later than the 20th day after adjusting the …

(1)(a) To facilitate the settlement of claims under insurance policies when there is widespread property loss in this state arising out of a catastrophe, the Director of the Department of Consumer and Business Services may issue a temporary permit to engage in business as an adju…

No plan or arrangement shall be used with respect to credit life or credit health insurance whereby any person other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representativ…

(1)(a) A licensee that is a resident shall maintain a principal place of business in this state in which the licensee engages in business as an adjuster. The principal place of business may be the licensee’s residence, but the principal place of business must be accessible to the…

(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services not later than 30 days after: (A) The licensee opens or closes a place of business in this state or changes the location or contact information for the licensee’s residence or any of t…

(1) A licensee or an applicant for a license to engage in business as an adjuster may not: (a) Act in an incompetent or untrustworthy manner. (b) Falsify or act dishonestly with respect to an application for a license or an amendment to the license or with respect to an examinati…

As used in ORS 744.602 to 744.665: (1) “Business entity” means a corporation, limited liability company, partnership, limited liability partnership, association or other legal entity that is incorporated, organized or authorized to engage in business in this state. (2) “Insurance…

(1) A person may not engage in business as an insurance consultant unless the person holds a valid license the Director of the Department of Consumer and Business Services issues under ORS 744.614 that authorizes the person to engage in business as an insurance consultant. For pu…

The following persons are not insurance consultants for the purposes of this chapter, and the prohibition in ORS 744.605 does not apply to them: (1) Any attorney-at-law rendering services in the performance of duties of an attorney-at-law. (2) Any certified public accountant or p…

(1) An applicant for a license to engage in business as an insurance consultant shall submit to the Director of the Department of Consumer and Business Services, on a form, in a format and in the manner that the director specifies by rule, an application that: (a) Lists the appli…

(1) The Director of the Department of Consumer and Business Services may issue a license for a person to engage in business as an insurance consultant in this state if the director finds that the person: (a) Submitted a complete and accurate application in accordance with ORS 744…

(1) The Director of the Department of Consumer and Business Services may issue, renew or amend a business entity’s license to engage in business as an insurance consultant under ORS 744.614 only if the director finds that, for each category of insurance business or class of insur…

(1) An individual who applies for a license to engage in business as a resident insurance consultant must: (a) Establish a residence or place of business in which the applicant intends to transact insurance in this state before submitting an application; (b) Have at least five ye…

(1) The Director of the Department of Consumer and Business Services may issue a license to engage in business as an insurance consultant to a person who resides in another state or province of Canada and is licensed in that state or province as an insurance consultant or is regi…

The classes of insurance that the Director of the Department of Consumer and Business Services may authorize a licensee to transact under a license to engage in business as an insurance consultant are: (1) Life insurance. (2) Health insurance. (3) Property and casualty insurance.…

(1) A nonresident insurance consultant may not engage in business as an insurance consultant in this state if the insurance consultant no longer holds a valid license as an insurance consultant in the state or province in which the insurance consultant resides. If the insurance c…

(1) An insurance consultant 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 fro…

(1)(a) A licensee that is a resident shall maintain a principal place of business in this state in which the licensee engages in business as an insurance consultant. The principal place of business may be the licensee’s residence, but the principal place of business must be acces…

(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services not later than 30 days after: (A) The licensee opens or closes a place of business in this state or changes the location or contact information for the licensee’s residence or any of t…

(1) A licensee or an applicant for a license to engage in business as an insurance consultant may not: (a) Act in an incompetent or untrustworthy manner. (b) Falsify or act dishonestly with respect to an application for a license or an amendment to the license or with respect to …

(1) An insurance consultant shall furnish to each client and prospective client a written disclosure statement containing the following information: (a) A description of the nature of the work to be performed by the insurance consultant. (b) The applicable occupational and educat…

An insurance consultant may not give or receive or offer to give or receive a rebate of all or a part of any fee or other expenses charged for services or any earnings, profit, dividends or other benefit accruing to the insurance consultant from the services provided by the insur…