Title 56, Insurance

As used in ORS 744.052 to 744.089: (1) “Business entity” has the meaning given that term in ORS 731.116. (2) “Home state” means any state, district or territory of the United States, in which an insurance producer maintains the insurance producer’s principal place of residence or…

A person may not sell, solicit or negotiate insurance in this state for any class or classes of insurance unless the person is licensed as an insurance producer for that class or those classes in accordance with ORS 744.052 to 744.089. [2001 c.191 §3; 2003 c.364 §3]

(1) ORS 744.052 to 744.089 do not require an insurer to obtain a license as an insurance producer as required by ORS 744.053. For purposes of this section, the term “insurer” does not include an insurer’s officers, directors, employees, subsidiaries or affiliates. (2) A license a…

(1) An individual applying for a resident insurance producer license must pass a written examination unless the individual is exempt from the prelicensing education and examination requirement as provided in ORS 744.067. The examination must test the knowledge of the individual c…

(1) An individual applying for a resident insurance producer license shall apply to the Director of the Department of Consumer and Business Services on the Uniform Application and shall declare that the statements made in the application are true, correct and complete to the best…

(1) The Insurance Code does not limit or prohibit the licensing of a banking institution, as defined in ORS 706.008, as an insurance producer to transact one or more of the classes of insurance described in ORS 744.062, except for title insurance. (2) The Insurance Code does not …

(1) Unless the Director of the Department of Consumer and Business Services refuses to issue or renew a license pursuant to ORS 744.074, a person who has met the requirements of ORS 744.058 and 744.059, or ORS 744.063, shall be issued an insurance producer license. An insurance p…

(1) Unless the Director of the Department of Consumer and Business Services refuses to issue or renew a license pursuant to ORS 744.074, a nonresident person shall receive a nonresident insurance producer license if: (a) The person is currently licensed as a resident insurance pr…

(1) Unless denied a license pursuant to ORS 744.074, a person who is currently licensed as a resident insurance producer in a Canadian province, in Mexico or in a state that does not grant nonresident insurance producer licenses to residents of this state on the same basis that t…

(1) An individual who applies for a resident insurance producer license in this state who is or was previously licensed as an insurance producer for the same lines of authority in another state is not required to complete any prelicensing education or examination. The exemption u…

(1) An insurance producer shall notify the Director of the Department of Consumer and Business Services prior to transacting business under the insurance producer license under any name other than the insurance producer’s legal name and prior to changing, deleting or adding an as…

(1) An insurance producer license remains in effect unless revoked or suspended as long as all applicable fees are paid by the due date and, if the licensee is a resident individual insurance producer, as long as the licensee has met applicable continuing education requirements f…

(1) The Director of the Department of Consumer and Business Services may issue a temporary insurance producer license for a period not to exceed 180 days without requiring a written examination if the director determines that the temporary license is necessary for the servicing o…

(1) The Director of the Department of Consumer and Business Services may place a licensee on probation or suspend, revoke or refuse to issue or renew an insurance producer license and may take other actions authorized by the Insurance Code in lieu thereof or in addition thereto, …

(1) An insurer or insurance producer may not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is required to be licensed as an insurance producer and is not so licens…

(1) The Director of the Department of Consumer and Business Services shall establish by rule the conditions under which a person who is licensed as an insurance producer and as an insurance consultant may accept a commission or a fee, or both, in a transaction or in related trans…

(1) An insurance producer shall not act as an agent of an insurer unless: (a) The insurance producer is an appointed agent of that insurer; or (b) The insurance producer transacts insurance on behalf of another insurance producer who is an appointed agent of that insurer accordin…

(1) An insurer or authorized representative of the insurer who terminates the appointment, employment, contract or other insurance business relationship with an insurance producer shall notify the Director of the Department of Consumer and Business Services not later than the 30t…

(1) An insurer may terminate an agency appointment at any time as provided in this section. Termination shall be without prejudice to the contract rights, if any, of the insurance producer so terminated. The insurer shall give written notice of the termination and the date thereo…

The Director of the Department of Consumer and Business Services shall waive any requirement for a nonresident insurance producer license applicant with a valid resident insurance producer license from the applicant’s home state, except the requirements imposed by ORS 744.063, if…

(1) All premium funds received by a resident insurance producer shall be accounted for and maintained in a trust account separate from all other business and personal funds. (2) Except as provided in subsection (3) of this section, a resident insurance producer may not commingle …

(1) In lieu of the trust account required by ORS 744.083, a resident insurance producer may keep a certificate of deposit from an institution insured by the federal government or an instrumentality thereof if the resident insurance producer has an average monthly balance of premi…

The Legislative Assembly finds that it is in the interest of the insurance-buying public that insurance producers authorized to transact title insurance be subject to the Insurance Code. It is declared to be the intent of the Legislative Assembly that the Insurance Code shall app…

The Director of the Department of Consumer and Business Services may require the filing by an insurer of any compensation agreements for insurance producers who are appointed by the insurer as agents of the insurer under ORS 744.078. No such filing shall be deemed a “public recor…

(1) An individual may not sell, solicit or negotiate long term care insurance unless the individual is licensed as an insurance producer for health or life insurance and satisfies the following training requirements: (a) The individual must complete a one-time training course of …

(1) An insurance producer shall report to the Director of the Department of Consumer and Business Services any administrative action taken against the insurance producer in another jurisdiction or by another governmental agency in this state not later than the 30th day after the …

(1) An insurer or insurance producer may charge a commission, a service fee or a combination of the two when transacting insurance in other than the following categories of insurance: (a) Insurance that covers an individual’s person, property or liability; (b) Life or health insu…

(1) As used in this section: (a) “Retail insurance producer” means an insurance producer who directly solicits or sells an insurance policy to a prospective insured or directly negotiates an insurance policy with a prospective insured. (b) “Wholesale insurance producer” means an …

As used in ORS 744.101 to 744.121: (1) “Aggregator site” means a website that displays information about insurance products from more than one insurer, and information about each insurer, for use in comparison shopping. (2) “Blanket travel insurance” means a travel insurance poli…

(1)(a) The Director of the Department of Consumer and Business Services may issue a limited lines travel insurance producer license to a person that has filed an application for a limited lines travel insurance producer license with the director in a form and manner that the dire…

A person may offer or sell a travel protection plan that combines various features at one price if: (1) Before, or at the time, a customer purchases the travel protection plan, the person: (a) Discloses clearly in writing which of the following features the travel protection plan…

(1) Except as otherwise provided in this section, a person that offers travel insurance in this state is subject to ORS chapter 746. ORS 744.101 to 744.121 control if a conflict exists between other provisions of the Insurance Code and ORS 744.101 to 744.121 with respect to marke…

(1) A person may not act as a travel insurance administrator, or represent that the person is a travel insurance administrator, unless the person holds a valid license the Director of the Department of Consumer and Business Services issued under ORS 744.062 or 744.710, as appropr…

(1) Notwithstanding any other provisions of the Insurance Code, travel insurance must be classified and filed for the purpose of rates and forms under an inland marine line of insurance, except that travel insurance that provides coverage for sickness, accident, disability or dea…

If the Director of the Department of Consumer and Business Services determines that a travel retailer has violated any provision of ORS 744.101 to 744.121, the director may, in addition to imposing any penalties authorized under the Insurance Code, direct the limited lines travel…

The Director of the Department of Consumer and Business Services may adopt rules to implement and administer the provisions of ORS 744.101 to 744.121. [Formerly 744.111] Note: 744.124 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chap…

(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 a…

The following persons are exempt from ORS 744.300: (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 con…

(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 insuranc…

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: (1) The contract must set forth the responsibilities of each party. (2) The contrac…

(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 on…

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. [19…

(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. (2) An insurer is ultimately responsible fo…

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]

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 insur…

As used in ORS 744.318 to 744.384, 744.991 and 744.992: (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, includ…

(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. (2) A life settlement provider may use the term “viatical settlement provider” to des…

(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. (2) A life insurance producer who has been duly licensed as a resident insurance producer…

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…

(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 …