The person is a municipality with a population in excess of 50,000 individuals.
“Export” means to place surplus lines insurance with a nonadmitted insurer.
“Home state” means, with respect to an insured:
The state in which an insured maintains the insured’s principal place of business or, in the case of an individual, the individual’s principal residence;
If 100 percent of the insured risk is located out of the state described in paragraph (a) of this subsection, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated; or
If two or more insureds from an affiliated group are named as insureds on a single nonadmitted insurance contract, the state, as determined pursuant to paragraph (a) or (b) of this subsection, of the member of the affiliated group that has the greatest percentage of premium attributed to it under the insurance contract.
“Kind of insurance” means one of the types of insurance required to be reported in the annual statement that must be filed with the Director of the Department of Consumer and Business Services by authorized insurers.
“Nonadmitted insurer” means an insurer not authorized to do an insurance business in this state. “Nonadmitted insurer” includes insurance exchanges as authorized under the laws of various states. “Nonadmitted insurer” does not include a risk retention group as defined in ORS 735.305 (Definitions for ORS 735.300 to 735.365).
“Premium tax” means any tax, assessment or other charge imposed by this state directly or indirectly based upon any payment made as consideration for insurance in an insurance contract.
“Producing insurance producer” means the individual insurance producer dealing directly with the party seeking insurance.
“Qualified risk manager” means, with respect to a policyholder of commercial insurance, a person who meets all of the following requirements:
The person is an employee of, or third party consultant retained by, the commercial policyholder.
The person provides skilled services in:
Loss reduction; or
Risk and insurance coverage analysis and purchase of insurance.
The person has:
A bachelor’s degree, from an accredited college or university, in risk management, business administration, finance, economics or any other field determined by an insurance commissioner or other regulatory official of this or any other state to demonstrate minimum competence in risk management, and has:
Three years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance; or
Any designation, certification or license issued by a national insurance certification organization that is determined by the Director of the Department of Consumer and Business Services to demonstrate minimum competency in risk management;
At least seven years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance, and has a designation, certification or license specified in subparagraph (A)(ii) of this paragraph;
At least 10 years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis or purchasing commercial lines of insurance; or
A graduate degree, from an accredited college or university, in risk management, business administration, finance, economics or any other field determined by the director to demonstrate minimum competence in risk management.
“Surplus” means funds over and above liabilities and capital of the insurer for the protection of policyholders.
“Surplus lines licensee” means an insurance producer licensed under ORS chapter 744 to place insurance on Oregon home state risks with nonadmitted insurers. [1987 c.774 §118; 1991 c.810 §25; 2001 c.191 §44a; 2003 c.364 §38; 2011 c.660 §6]