Rehabilitation, Liquidation and Conservation of Insurers

ORS 734.160
Order of rehabilitation for domestic insurers


(1)

An order to rehabilitate a domestic insurer shall direct the Director of the Department of Consumer and Business Services forthwith to take possession of the property of the insurer and to conduct the business thereof, and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct.

(2)

If at any time the director deems that further efforts to rehabilitate the insurer would be useless, the director may apply to the court for an order of liquidation under ORS 734.180 (Order of liquidation of domestic insurers).

(3)

The director, or any interested person upon due notice to the director, at any time may apply for an order terminating the rehabilitation proceeding and permitting the insurer to resume possession of its property and the conduct of its business, but no such order shall be granted except after a full hearing. [1967 c.359 §270]
Chapter 734

Atty. Gen. Opinions

State is not liable for losses incurred by Oregon Medical Insurance Pool and pools' policy holders bear ultimate risk of pools' insolvency, in that there would be no source of funds to pay benefits under their policies, (1989) Vol 46, p 155


Source

Last accessed
Jun. 26, 2021