Alternative Insurance

ORS 735.410
Conditions for procuring insurance through nonadmitted insurer

  • rules


(1)

Insurance may be procured through a surplus lines licensee from a nonadmitted insurer if:

(a)

The insurer is an eligible surplus lines insurer;

(b)

A diligent search has first been made among the insurers who are authorized to transact and are actually writing the particular kind and class of insurance in this state, and it is determined that the full amount or kind of insurance cannot be obtained from those insurers; and

(c)

All other requirements of ORS 735.400 (Purposes of ORS 735.400 to 735.495) to 735.495 (Short title) are met.

(2)

Subsection (1)(b) of this section does not apply to a surplus lines licensee seeking to procure or place nonadmitted insurance in this state for an exempt commercial purchaser if:

(a)

The surplus lines licensee procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and

(b)

The exempt commercial purchaser has subsequently requested in writing that the surplus lines licensee procure or place such insurance from a nonadmitted insurer.

(3)

The Director of the Department of Consumer and Business Services by rule may establish requirements applicable to the placement of surplus lines insurance on Oregon home state risks by a nonresident surplus lines licensee. The rules may not interfere with or hinder implementation of the federal Gramm-Leach-Bliley Act (P.L. 106-102) with respect to licensing reciprocity among the states, or the Nonadmitted and Reinsurance Reform Act of 2010 (P.L. 111-203, Title V, Subtitle B). [1987 c.774 §119; 2001 c.191 §44b; 2011 c.660 §9]

Source

Last accessed
Jun. 26, 2021