ORS 744.814
Prohibition on use of unlicensed reinsurance intermediary manager

  • requirement that reinsurer obtain financial statement of reinsurance intermediary manager and opinion of actuary

(1)

A reinsurer may not engage the services of any person to act as a reinsurance intermediary manager on its behalf unless the person is licensed to act as a reinsurance intermediary manager as required by ORS 744.800 (Qualifications for reinsurance intermediary brokers and managers).

(2)

A reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager that the reinsurer has engaged. Each statement must be prepared by an independent certified public accountant in a form acceptable to the Director of the Department of Consumer and Business Services.

(3)

If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary who is in good standing of the American Academy of Actuaries, attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager. The opinion must be in addition to any other required loss reserve certification.

(4)

Binding authority for all retrocessional contracts or participation in reinsurance syndicates must rest with an officer of the reinsurer who is not affiliated with the reinsurance intermediary manager.

(5)

Not later than the 30th day after termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of the termination to the director.

(6)

A reinsurer may not appoint to its board of directors any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary manager. This subsection does not apply to relationships governed by ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.596 (Request by insurance holding company system for determination or acknowledgement of group-wide supervisor). [1993 c.447 §81; 2003 c.364 §34]

Source: Section 744.814 — Prohibition on use of unlicensed reinsurance intermediary manager; requirement that reinsurer obtain financial statement of reinsurance intermediary manager and opinion of actuary, https://www.­oregonlegislature.­gov/bills_laws/ors/ors744.­html.

744.052
Definitions for ORS 744.052 to 744.089 744.053
Requirements to be licensed as insurance producer for class of insurance 744.056
Exemptions from insurance producer licensing requirements 744.058
Written examination 744.059
Qualifications for license 744.061
Banking institution as insurance producer 744.062
Issuance of insurance producer license 744.063
Nonresident insurance producer license 744.064
Persons licensed elsewhere 744.067
Exemptions from prelicensing education or examination requirement 744.068
Required notifications 744.072
Renewal or reinstatement of insurance producer license 744.073
Temporary insurance producer license 744.074
Authority of director to place licensee on probation or to suspend, revoke or refuse to issue or renew license 744.076
Payment of commission, service fee or brokerage 744.077
Conditions under which person licensed as insurance producer and consultant may accept commission or fee 744.078
Appointment of insurance producers 744.079
Termination of relationship with insurance producer 744.081
Termination of appointment 744.082
Waiver of requirement for nonresident insurance producer license applicant 744.083
Trust account for premium funds 744.084
Certificate of deposit in lieu of trust account 744.086
Applicability of Insurance Code to insurance producers transacting title insurance 744.087
Filing insurance producers compensation agreements 744.088
Training requirements to be licensed as insurance producer for long term care insurance 744.089
Report of administrative action taken against insurance producer 744.091
Additional conditions under which person licensed as insurer or insurance producer may charge commission or service fee 744.093
Solicitation or sale of insurance policy by retail insurance producer or wholesale insurance producer 744.101
Definitions 744.104
Travel insurance through travel retailers 744.107
Violations 744.111
Rules 744.300
License and indorsement 744.301
Exemptions from license requirement 744.303
Certificate of errors and omissions insurance 744.306
Contract between insurer and managing general agent 744.308
Limitations on authority of insurer and managing general agent 744.311
Books, bank accounts and records 744.313
Financial examination 744.314
Rules 744.316
Authority of director if managing general agent violates provisions of ORS 744.300 to 744.316 744.318
Definitions for ORS 744.318 to 744.384 744.321
Life settlement providers 744.323
Life settlement brokers 744.324
Life settlement investment agents 744.326
License application 744.328
Issuance of license 744.331
Expiration of license 744.333
Individual acting as provider under license of firm or corporation 744.336
Notification by licensee of material change affecting qualification for license 744.338
Suspension, revocation, refusal to issue or renew license 744.341
Terms of contract 744.343
Annual report and statement by provider 744.346
Examination of business and practices of licensee or applicant 744.354
Disclosure by life settlement provider, broker or investment agent to policy owner 744.359
Disclosure by life settlement broker or provider to insurer 744.362
Disclosure by insurance company to policy owner 744.364
Life settlement contract requirements 744.367
Limitations on ability to enter life settlement contract 744.369
Unlawful life settlement contract actions 744.372
Advertising of life settlement contracts 744.374
Enforcement of life settlement contract provisions 744.382
Prohibitions on finder’s fee, solicitations, discrimination 744.384
Rules 744.502
Definitions 744.505
Adjuster license required 744.515
Exemptions from adjuster licensing requirement 744.518
License application 744.521
Powers of director to issue, renew, amend, suspend and reinstate licenses 744.523
Conditions for licensing, renewing license for or amending license of business entity 744.525
Resident adjuster qualifications 744.528
Nonresident adjuster qualifications 744.531
Classes of insurance for adjusters 744.538
Change of circumstance of nonresident adjuster 744.541
Adjustment of claim under policy issued by unauthorized insurer 744.555
Temporary adjuster permit 744.575
Adjusting claims involving credit life or credit health insurance 744.578
Licensee’s place of business 744.581
Notices required 744.584
Prohibited conduct 744.602
Definitions 744.605
Insurance consultant’s license required 744.609
Exemptions 744.611
License application 744.614
Powers of director to issue, renew, amend, suspend and reinstate licenses 744.617
Conditions for licensing, renewing license for or amending license of business entity 744.619
Qualifications for resident insurance consultant’s license 744.621
Qualifications for nonresident insurance consultant’s license 744.626
Classes of insurance for consultants 744.631
Change of circumstance of nonresident insurance consultant 744.635
Errors and omissions insurance 744.638
Licensee’s place of business 744.641
Notices required 744.644
Prohibited conduct 744.650
Disclosure by insurance consultants 744.655
Rebates prohibited 744.665
Continuing education 744.700
Definitions for ORS 744.700 to 744.740 744.702
Third party administrator license 744.704
Exemptions from license requirement 744.706
Application for license 744.708
Waiver of information requirement 744.710
Issuance or denial of license 744.712
Expiration and renewal of license 744.714
Registration of persons exempt from licensure 744.716
Notification of change in ownership or control 744.718
Suspension, revocation or refusal of issuance or renewal of license 744.720
Agreement between insurer and third party administrator 744.722
Relationship of insurer and third party administrator regarding payments 744.724
Books and records 744.726
Errors and omissions insurance 744.728
Advertising 744.730
Disposition of charges and premiums 744.732
Contingent fee agreements 744.734
Notice to insureds regarding third party administrator 744.736
Delivery from insurer to insured 744.738
Annual report 744.740
Responsibility of insurer using third party administrator 744.800
Qualifications for reinsurance intermediary brokers and managers 744.802
Exemptions from application of requirements for reinsurance intermediary brokers and managers 744.804
Conditions under which reinsurance intermediary broker and insurer may enter into transactions 744.806
Records required to be kept by reinsurance intermediary brokers 744.808
Prohibition on use of unlicensed reinsurance intermediary broker 744.810
Conditions under which reinsurance intermediary manager and reinsurer may enter into transactions 744.812
Prohibitions on actions of reinsurance intermediary managers 744.814
Prohibition on use of unlicensed reinsurance intermediary manager 744.816
Director access to books, accounts and records 744.818
Errors and omissions insurance for reinsurance intermediary manager 744.820
Director authority if reinsurance intermediary broker or manager violates provisions of ORS 744.800 to 744.818 744.850
Definitions for ORS 744.850 to 744.858 744.852
Limited license for rental companies 744.854
Kinds of insurance authorized by limited license 744.856
Conditions for offer or sale of insurance 744.858
Revocation or suspension of limited license 744.860
Definitions for ORS 744.860 to 744.870 744.862
Limited license to sell insurance 744.864
Permissible sales 744.866
Training program 744.868
License suspension and revocation or other penalty 744.870
Compensation, bonuses and incentives 744.872
Rules 744.991
Criminal penalties 744.992
Civil penalties 744.994
Effect of license expiration or surrender on director’s investigation or disciplinary proceedings
Green check means up to date. Up to date

Current through early 2024

§ 744.814’s source at oregon​.gov