Section 744.991 – Criminal penalties; restitution.
(1) Violation of ORS 744.369, in addition to any applicable prescribed denial, suspension or revocation of any license or civil forfeiture, shall be punishable upon conviction as for the crime of theft under ORS 164.015 to 164.135 or the crime of forgery or related offenses under ORS 165.002 to 165.070. (2) A person convicted of […]
Section 744.992 – Civil penalties; civil actions; rescission of life settlement contracts.
(1) A person who violates any provision of ORS 744.318 to 744.384, 744.991 and 744.992 is subject to civil penalties under ORS 731.988 and cease and desist orders under ORS 731.252. (2) If a person violates any provision of ORS 744.318 to 744.384, 744.991 and 744.992, the Director of the Department of Consumer and Business […]
Section 744.994 – Effect of license expiration or surrender on director’s investigation or disciplinary proceedings.
(1) As used in this section: (a) “Adjuster” has the meaning given that term in ORS 744.502; (b) “Insurance consultant” has the meaning given that term in ORS 744.602; and (c) “Licensee” means a person that has obtained a license to engage in business as an adjuster, an insurance consultant or an insurance producer. (2) […]
Section 744.810 – Conditions under which reinsurance intermediary manager and reinsurer may enter into transactions.
A reinsurance intermediary manager and the reinsurer it represents in that capacity may enter a transaction only pursuant to a written contract that specifies the responsibilities of each party and otherwise satisfies the requirements of this section. The contract must be approved by the board of directors of the reinsurer. Not later than the 30th […]
Section 744.812 – Prohibitions on actions of reinsurance intermediary managers.
A reinsurance intermediary manager may not do any of the following: (1) Cede retrocessions on behalf of the reinsurer that the reinsurance intermediary manager represents, except that the reinsurance intermediary manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines […]
Section 744.814 – Prohibition on use of unlicensed reinsurance intermediary manager; requirement that reinsurer obtain financial statement of reinsurance intermediary manager and opinion of actuary.
(1) A reinsurer may not engage the services of any person to act as a reinsurance intermediary manager on its behalf unless the person is licensed to act as a reinsurance intermediary manager as required by ORS 744.800. (2) A reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance […]
Section 744.816 – Director access to books, accounts and records.
(1) The Director of the Department of Consumer and Business Services may examine any reinsurance intermediary broker and any reinsurance intermediary manager. The director shall have access to all books, bank accounts and records of a reinsurance intermediary broker or reinsurance intermediary manager being examined. All such books, bank accounts and records must be maintained […]
Section 744.818 – Errors and omissions insurance for reinsurance intermediary manager; rules.
(1) A resident reinsurance intermediary acting as a reinsurance intermediary manager 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 from any other […]
Section 744.820 – Director authority if reinsurance intermediary broker or manager violates provisions of ORS 744.800 to 744.818.
If the Director of the Department of Consumer and Business Services finds that a reinsurance intermediary broker or a reinsurance intermediary manager has violated any provision of ORS 744.800 to 744.818, the director may order the reinsurance intermediary broker or reinsurance intermediary manager to reimburse the insurer, reinsurer, rehabilitator or liquidator for losses incurred by […]
Section 744.850 – Definitions for ORS 744.850 to 744.858.
As used in ORS 744.850 to 744.858: (1) “Limited license” means a license issued under ORS 744.852 that authorizes a rental company to offer or sell insurance as provided in ORS 744.854. (2) “Rental agreement” means a written agreement setting forth the terms and conditions governing use of a vehicle provided by a rental company […]