ORS 734.650
Notifying director of impaired insurers

  • examination
  • reports on impaired insurers

(1)

Whenever the board obtains any information indicating that any member insurer is impaired or in a financial condition hazardous to the policyholders or the public, the board shall so notify the Director of the Department of Consumer and Business Services.

(2)

The board may request the director to examine any member insurer that the board in good faith believes to be impaired or in a financial condition hazardous to the policyholders or the public. The director shall cause the examination to begin within 30 days after the receipt of any such request. Except as otherwise provided in ORS 734.510 (Definitions for ORS 734.510 to 734.710) to 734.710 (Administration of delinquency proceeding claims and expenses), the examination shall be conducted as provided in ORS chapter 731.

(3)

The director shall report the results of an examination to the board and shall notify the board whenever the director has reasonable cause to believe during an examination that the insurer is impaired or insolvent. The results of the completed examination shall not be released to the board before release to the public. The request for examination shall not be available for public inspection before release of the results of the examination to the public.

(4)

The board may make such reports and recommendations to the director regarding the insolvency, liquidation, rehabilitation or conservation of member insurers as the board considers appropriate. Any such reports or recommendations are not public records. [1971 c.616 §17]

Source: Section 734.650 — Notifying director of impaired insurers; examination; reports on impaired insurers, https://www.­oregonlegislature.­gov/bills_laws/ors/ors734.­html.

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

§ 734.650’s source at oregon​.gov