When an insurer declares a motor vehicle a total loss and offers to make a cash settlement to an insured or third-party owner of the motor vehicle, the insurer shall provide the insured or third-party owner:
(1) Any valuation or appraisal reports relied upon by the insurer to determine value; and
(2) A written statement in a form provided by the Director of the Department of Consumer and Business Services that includes:
(a) Information about total loss, vehicle valuation and the duties of the insurer; and
(b) The manner in which and under what circumstances the insured may contact the Division of Financial Regulation of the Department of Consumer and Business Services. [2009 c.65 §2; 2017 c.17 §55]
Note: 742.554 and 742.558 were added to and made a part of the Insurance Code by legislative action but were not added to ORS chapter 742 or any series therein. See Preface to Oregon Revised Statutes for further explanation.