Rehabilitation, Liquidation and Conservation of Insurers

ORS 734.770
Purpose


The purpose of ORS 734.750 (Short title) to 734.890 (Association not to be used in sales or solicitation) is to protect the persons specified in ORS 734.790 (Application), subject to certain limitations, against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in ORS 734.790 (Application), because of the impairment or insolvency of the insurer issuing such policies or contracts. To provide this protection:

(1)

An association of insurers is created to enable the guarantee of payment of benefits and continuation of coverages;

(2)

Members of the Oregon Life and Health Insurance Guaranty Association are subject to assessment to provide funds to carry out the purpose of ORS 734.750 (Short title) to 734.890 (Association not to be used in sales or solicitation); and

(3)

The association is authorized to assist the Director of the Department of Consumer and Business Services, in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies. [1975 c.251 §3; 1991 c.811 §2]
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