(1) No insurer shall retain any risk on any one subject of insurance, whether a domestic risk or not, in an amount exceeding 10 percent of its surplus to policyholders, or in the case of title insurance, more than 50 percent of such surplus, except that an insurance company, including a reciprocal insurance company, comprised […]
(1) An insurer may accept reinsurance only of such risks, and retain risk thereon within such limits, as it is otherwise authorized to insure. (2) Except as provided in ORS 731.512, 732.517 to 732.546 or 742.150 to 742.162, an insurer may reinsure risks with an insurer authorized to transact such insurance in this state, or […]
(1) The purpose of ORS 731.509, 731.510, 731.511, 731.512 and 731.516 is to protect the interests of insureds, claimants, ceding insurers, assuming insurers and the public generally. The Legislative Assembly declares that the intent of the Legislative Assembly is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom insurers […]
(1) Subject to the provisions of ORS 731.508 relating to allowance of credit for reinsurance, the Director of the Department of Consumer and Business Services shall allow a reduction from liability for the reinsurance a domestic insurer cedes to a reinsurer that does not meet the requirements of ORS 731.509 in an amount that does […]
(1) For purposes of allowing credit to a ceding domestic insurer under ORS 731.509 if the reinsurance is ceded to an assuming insurer that is accredited as a reinsurer in this state, an insurer may be accredited as a reinsurer in this state if the insurer: (a) Files and maintains with the Director of the […]
(1) No insurer shall withdraw from this state until its direct liability to its policyholders and obligees under all its insurance policies then in force in this state has been assumed by another authorized insurer under an agreement approved by the Director of the Department of Consumer and Business Services. In the case of a […]
(1) A ceding insurer shall manage the ceding insurer’s reinsurance recoverables in proportion to the ceding insurer’s book of business. A domestic ceding insurer shall notify the Director of the Department of Consumer and Business Services within 30 days after reinsurance recoverables from any single assuming insurer or group of affiliated assuming insurers exceeds or […]
(1) As used in this section, “policyholders’ position” means the aggregate amount of mortgage insurance policies covering amounts of insured obligations, divided by the insurer’s surplus to policyholders as defined in ORS 731.504 (6). (2) Except as provided in subsection (3) of this section, a mortgage insurer shall not have outstanding at any time a […]
(1) Credit must be allowed if reinsurance is ceded to an assuming insurer that meets each of the conditions set forth below: (a) The assuming insurer must be licensed in a reciprocal jurisdiction and have the assuming insurer’s home office in, or be domiciled in, as applicable, the reciprocal jurisdiction. For purposes of this paragraph, […]
