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 744.991 – 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 744.802 – Exemptions from application of requirements for reinsurance intermediary brokers and managers.
(1) An officer or employee of a ceding insurer is not subject to the requirements of ORS 744.800 to 744.818 that apply to reinsurance intermediary brokers, with respect to the ceding insurer. (2) When engaged in a relationship described in this subsection, the following persons are not subject, with respect to the reinsurer in the […]
Section 744.804 – Conditions under which reinsurance intermediary broker and insurer may enter into transactions.
A reinsurance intermediary broker and the insurer it represents in the capacity of a reinsurance intermediary broker may enter one or more transactions between them only pursuant to a written authorization that specifies the responsibilities of each party. The authorization must at least provide that: (1) The insurer may terminate the authority of the reinsurance […]
Section 744.806 – Records required to be kept by reinsurance intermediary brokers.
(1) A reinsurance intermediary broker must keep a complete record for each transaction of a contract of reinsurance as provided in this subsection. For each contract of reinsurance transacted by the reinsurance intermediary broker that is limited to first party property coverages, the reinsurance intermediary broker must keep the record for not less than five […]
Section 744.808 – Prohibition on use of unlicensed reinsurance intermediary broker; requirement that insurer obtain financial statement of reinsurance intermediary broker.
(1) An insurer may not engage the services of any person to act as a reinsurance intermediary broker on its behalf unless the person is licensed as a reinsurance intermediary broker as required by ORS 744.800. (2) An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it […]
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 […]