Section 744.740 – Responsibility of insurer using third party administrator.
(1) An insurer who uses the services of a third party administrator is responsible for determining the benefits, premium rates, underwriting criteria and claims payment procedures applicable to the coverage and for securing any reinsurance. The rules pertaining to such matters must be provided in writing by the insurer to the third party administrator. (2) […]
Section 744.718 – Suspension, revocation or refusal of issuance or renewal of license.
(1) The Director of the Department of Consumer and Business Services shall suspend, revoke or refuse to renew a license of a third party administrator if the director finds that the third party administrator: (a) Is in an unsound financial condition; (b) Is using such methods or practices in the conduct of business so as […]
Section 744.720 – Agreement between insurer and third party administrator.
(1) A third party administrator licensed under ORS 744.702 may transact business as a third party administrator only pursuant to a written agreement between the third party administrator and the insurer. The agreement shall contain all provisions required by this section. However, any provision that does not apply to the functions to be performed by […]
Section 744.722 – Relationship of insurer and third party administrator regarding payments.
(1) When an insurer uses the services of a third party administrator: (a) Payment to the third party administrator of any premiums or charges for insurance by or on behalf of the insured party shall be considered to have been received by the insurer. (b) Payment of return premiums or claim payments forwarded by the […]
Section 744.724 – Books and records.
(1) Except as provided in subsection (4) of this section, a third party administrator shall maintain and make available to the insurer complete books and records of each transaction performed on behalf of the insurer. The books and records shall be maintained in accordance with prudent standards of insurance recordkeeping and must be maintained for […]
Section 744.726 – Errors and omissions insurance; rules.
(1) A third party administrator 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 insurance in this state or from any other insurer acceptable to […]
Section 744.728 – Advertising.
A third party administrator may use only such advertising pertaining to the business underwritten by an insurer that the insurer has approved in advance of its use. [1991 c.812 §16]
Section 744.730 – Disposition of charges and premiums.
(1) A third party administrator shall hold in a fiduciary capacity all insurance charges or premiums collected by the third party administrator on behalf of or for an insurer, and all return premiums received from the insurer. The third party administrator shall immediately remit all charges, premiums or return premiums to the person entitled to […]
Section 744.700 – Definitions for ORS 744.700 to 744.740.
As used in ORS 744.700 to 744.740: (1) “Affiliate” of, or person “affiliated” with, a specific person means any person who directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, a specified person. (2) “Control” has the meaning given that term in ORS 732.548. (3) […]
Section 744.732 – Contingent fee agreements.
(1) A third party administrator shall not enter into any agreement or understanding with an insurer the effect of which is to make the amount of the third party administrator’s commissions, fees or charges contingent upon savings effected in the adjustment, settlement and payment of losses covered by the obligations of the insurer. (2) This […]