OAR 836-042-0501
Statutory Authority; Purpose; Applicability; Effective Date
(1)
OAR 836-042-0501 (Statutory Authority; Purpose; Applicability; Effective Date) to 836-042-0520 (Supporting Data) are adopted pursuant to:(a)
The general rulemaking authority of the Director in ORS 731.244 (Rules) as an aid to the effectuation of 737.320 (Review of certain filings)(6) which enables the Director to require that filed rates, rating plans and rating systems be submitted to the Director for review prior to becoming effective; and(b)
The specific authority of the Director under ORS 737.207 (Commercial liability insurance rate filings) to specify the markets of commercial liability insurance in which insurers and rating organizations must submit rate filings before they become effective if the average annual rate level increase or decrease for each market exceeds 15 percent.(2)
The purpose of OAR 836-042-0501 (Statutory Authority; Purpose; Applicability; Effective Date) to 836-042-0520 (Supporting Data) is to moderate the sharp cyclical swings in the availability and affordability of commercial liability insurance. Such moderation is accomplished by requiring that insurers and rating organizations submit to the Director their filings of rates, rating plans and rating systems for a specified commercial liability insurance market for review before such filings become effective, if the average annual rate level increase or decrease for that market exceeds 15 percent.(3)
OAR 836-042-0501 (Statutory Authority; Purpose; Applicability; Effective Date) to 836-042-0520 (Supporting Data) apply to all commercial liability insurance filings.
Source:
Rule 836-042-0501 — Statutory Authority; Purpose; Applicability; Effective Date, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-042-0501
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