The transferring insurer in an assumption reinsurance agreement to which ORS 742.150 (Approval by director) applies shall provide or cause to be provided a notice of transfer meeting the requirements established under this section to the following persons:
Each policyholder who has the right to terminate or otherwise alter the terms of a policy.
Each certificate holder whose certificate is in force on the proposed effective date of the assumption if the certificate holder has the right to keep the certificate in force without change in benefit following termination of the group policy. The right to keep the certificate in force does not include the right to elect individual coverage under the Consolidated Omnibus Budget Reconciliation Act, section 601 et seq., of the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. 1161 et seq.).
The transferring insurer’s agents of record on the affected policies.
The Director of the Department of Consumer and Business Services shall prescribe the contents of the notice of transfer, methods by which insurers must give notice of the transfer and notice of opportunity to accept or reject the assumption and methods of response by the policyholders and certificate holders. [1995 c.30 §5]