Insurance Producers

ORS 744.502
Definitions


As used in ORS 744.502 (Definitions) to 744.584 (Prohibited conduct):

(1)

“Adjuster” means a person that receives a fee, a commission or other compensation to investigate, negotiate or settle first party or third party losses that arise as claims under the terms of an insurance contract that insures a domestic risk.

(2)

“Business entity” means a corporation, limited liability company, partnership, limited liability partnership, association or other legal entity that is incorporated, organized or authorized to engage in business in this state.

(3)

“Catastrophe” means an event that the Governor declares as having resulted, in a particular district, county, region or area of this state, in:

(a)

A large number of injuries or deaths;

(b)

Extensive damage to or destruction of facilities that provide for and sustain human needs;

(c)

An overwhelming demand on state and local resources for meeting human needs, responding to injuries or deaths, repairing or reconstructing facilities or otherwise assisting victims of the event;

(d)

A severe, long-term effect on general economic activity within this state; or

(e)

A severe effect on state, local and private capabilities to respond to the event.

(4)

“Designated home state” means a state, district or territory of the United States that a nonresident applicant designates as a home state and in which the nonresident applicant is licensed as if the nonresident applicant was a resident adjuster despite not residing in or maintaining a principal place of business in the state, district or territory.

(5)

“Home state” means a state, district or territory of the United States in which an adjuster resides or a state, district or territory of the United States from which a person obtained a license to engage in business as an adjuster and in which the person maintains a principal place of business.

(6)

“Licensee” means a person that holds a valid and unexpired license to engage in business as an adjuster that the person obtained under ORS 744.521 (Powers of director to issue, renew, amend, suspend and reinstate licenses).

(7)

“Person” means an individual or a business entity.

(8)

“Resident” means a licensee that resides or maintains a principal place of business in this state. [2019 c.151 §4]

Source

Last accessed
Jun. 26, 2021