ORS 734.240
Conduct of delinquency proceedings for foreign insurers

(1)

Whenever under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the Director of the Department of Consumer and Business Services as ancillary receiver. The director shall file a petition requesting the appointment:

(a)

If the director finds that there are sufficient assets of such insurer located in this state to justify the appointment of an ancillary receiver; or

(b)

If 10 or more persons resident in this state having claims against such insurer file a petition with the director requesting the appointment of such ancillary receiver.

(2)

The domiciliary receiver of an insurer domiciled in a reciprocal state, shall be vested by operation of law with the title to all the property, contracts and rights of action, and all the books and records of the insurer located in this state, and the domiciliary receiver shall have the immediate right to recover balances due from local insurance producers and to obtain possession of any books and records of the insurer found in this state. The domiciliary receiver shall also be entitled to recover the other assets of the insurer located in this state except that upon the appointment of an ancillary receiver in this state, the ancillary receiver shall during the ancillary receivership proceedings have the sole right to recover such other assets. The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings. All remaining assets the ancillary receiver shall promptly transfer to the domiciliary receiver. Subject to the provisions of this section the ancillary receiver and the deputies of the ancillary receiver shall have the same powers and be subject to the same duties with respect to the administration of such assets, as a receiver of an insurer domiciled in this state. [Formerly 751.030; 2003 c.364 §85]

Source: Section 734.240 — Conduct of delinquency proceedings for foreign insurers, https://www.­oregonlegislature.­gov/bills_laws/ors/ors734.­html.

Notes of Decisions

Balances due from local agents to domiciliary receiver for insurer domiciled in reciprocal state include unearned premiums and commissions. Ainsworth v. Cincotta, 79 Or App 574, 721 P2d 455 (1986), Sup Ct review denied

734.014
Definitions 734.026
“Domiciliary,” “ancillary” and “reciprocal state” defined 734.043
Supervision of insurer 734.047
Time for correction of condition leading to order of supervision 734.051
Actions by director during period of supervision 734.055
Action against person violating order of supervision 734.059
Request for court order 734.063
Court order 734.067
Review of court order 734.110
Jurisdiction of delinquency proceedings 734.113
Application of Oregon Receivership Code 734.120
Exclusive remedy 734.130
Commencement of delinquency proceeding 734.140
Injunctions 734.142
Cooperation with director in delinquency proceedings 734.144
Immunity of certain persons from civil liability 734.150
Grounds for rehabilitation of domestic insurers 734.160
Order of rehabilitation for domestic insurers 734.170
Grounds for liquidation of domestic insurers 734.180
Order of liquidation of domestic insurers 734.190
Grounds for conservation of foreign and alien insurers 734.200
Conservation or ancillary receivership of foreign and alien insurers 734.210
Conduct of delinquency proceedings for domestic insurers 734.220
Powers of director as receiver 734.230
Deputies and assistants 734.240
Conduct of delinquency proceedings for foreign insurers 734.250
Right of domiciliary receiver to sue in this state 734.260
Claims of nonresidents against domestic insurers 734.270
Claims of residents against foreign insurers 734.280
Form of claim 734.290
Priority of preferred claims 734.300
Priority of special deposit claims 734.310
Priority of secured claims 734.320
Attachment and garnishment of assets 734.340
Date rights fixed on liquidation 734.350
Voidable transfers 734.360
Preference of claims 734.370
Offsets 734.380
Allowance of certain claims 734.390
Time to file claims 734.400
Report for assessment 734.410
Levy of assessment 734.420
Order to pay assessment 734.430
Publication and transmittal of assessment order 734.440
Judgment upon assessment 734.510
Definitions for ORS 734.510 to 734.710 734.520
Purpose 734.530
Construction 734.540
Application 734.550
Oregon Insurance Guaranty Association 734.555
Application to association of certain laws governing corporations 734.560
Association board of directors 734.570
Required functions of association 734.575
Refunds from association deposited in General Fund 734.579
Recoupment assessments 734.580
Discretionary functions of association 734.590
Plan of operation 734.600
Contents of plan of operation 734.610
Notification to association of insurer insolvency 734.620
Notification of insolvency to insured persons 734.630
Assignment of claim rights 734.635
Disbursing assets of insolvent insurer to association 734.640
Claim priority 734.650
Notifying director of impaired insurers 734.660
Regulation of association as insurer 734.670
Exemption of association from payment of fees and taxes 734.690
Immunity from legal action 734.695
Liability of insured of insolvent insurer 734.700
Defense of claims on default of insolvent insurer 734.710
Administration of delinquency proceeding claims and expenses 734.750
Short title 734.760
Definitions for ORS 734.750 to 734.890 734.770
Purpose 734.780
Construction 734.790
Application 734.800
Oregon Life and Health Insurance Guaranty Association 734.805
Association board of directors 734.810
Duties and powers of association 734.815
Assessment of members 734.820
Plan of operation 734.825
Powers and duties of director 734.830
Notifying director of impaired insurers 734.835
Assessments offset against tax liabilities 734.840
Conduct of liquidation, rehabilitation or conservation proceeding involving impaired or insolvent insurer 734.850
Examination and regulation of association by director 734.860
Exemption of association from payment of fees and taxes 734.870
Immunity from legal action 734.880
Stay of proceeding involving insolvent insurer 734.890
Association not to be used in sales or solicitation
Green check means up to date. Up to date

Current through early 2024

§ 734.240’s source at oregon​.gov