ORS 746.515
Return of unearned premiums on cancellation

(1)

Whenever a financed insurance policy is canceled, the insurer who has been notified as provided in ORS 746.475 (Premium finance agreements) (4) shall return whatever gross unearned premiums are due under the insurance policy to the premium finance company for the account of the insured or insureds not later than the 30th day after the date of cancellation. If the insurer elects to return the premium through the insurance producer, the insurance producer shall transmit the unearned premium to the premium finance company within the 30-day period. The insurer, on written notice of any failure of the insurance producer to transmit the premium and not later than the 30th day after the notice, shall pay the amount of return premium directly to the premium finance company.

(2)

In calculating the gross unearned premium due under a financed insurance policy, the insurer shall use the prorate method of calculation.

(3)

In the event that the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the premium finance company shall refund such excess to the insured provided that no such refund shall be required if it amounts to less than $1. [1969 c.639 §13; 1983 c.239 §7; 2003 c.364 §150]

Source: Section 746.515 — Return of unearned premiums on cancellation, https://www.­oregonlegislature.­gov/bills_laws/ors/ors746.­html.

Notes of Decisions

Insurer’s failure to return gross unearned premium to premium finance company violated requirement of this section notwithstanding insurer’s promise to refund premiums directly to insured and its directive to company not to finance policies. Bonneville Auto Ins. Co. v. Ins. Dept., 53 Or App 440, 632 P2d 796 (1981)

This section does not require insurer to “return” unearned premiums if no premiums have been paid insurer or its agent. C.I.S. Northwest v. Berjac of Portland, 87 Or App 233, 742 P2d 618 (1987), on reconsideration 89 Or App 117, 747 P2d 406 (1987), Sup Ct review denied

746.005
Trade practices exempted from prohibitions 746.015
Discrimination 746.018
Discrimination in issuance of burglary, theft, robbery or casualty policies prohibited 746.021
Discrimination under health benefit plans 746.023
Discrimination against living donors or body part donors with respect to life insurance, health insurance or long term care insurance 746.025
Securities or other contracts as inducement to insurance 746.035
Inducements not specified in policy 746.045
Prohibition on rebates 746.055
Title insurance commissions, rebates and discounts 746.065
Personal or controlled insurance 746.075
Misrepresentation generally 746.085
Regulating replacement of life insurance 746.100
Misrepresentation in insurance applications or transactions 746.110
False, deceptive or misleading statements 746.115
Advertisements in languages other than English 746.120
Illegal dealing in premiums 746.125
Limitation on coverage of eye care services 746.130
Insurance connected to sale or rental of property 746.135
Genetic tests and information 746.137
Reimbursement of private emergency responder’s actual expenses in emergency response 746.140
Sale of life insurance with securities 746.145
Workers’ compensation insurance 746.147
Workers’ compensation insurance 746.150
Other insurance 746.155
Applicability of ORS 746.145 and 746.150 746.160
Practices injurious to free competition 746.195
Insurance on property securing loan or credit 746.201
Depository institution to obtain required property insurance when borrower does not 746.213
Definitions for ORS 746.213 to 746.219 746.215
Regulation of depository institutions with regard to insurance sales or solicitations 746.217
Disclosures to customers 746.219
Investigatory powers 746.220
Debtor’s option in furnishing credit life or credit health insurance 746.230
Unfair claim settlement practices 746.233
Unfair claim settlement practices with respect to prior authorizations of health care items or services 746.240
Undefined trade practices injurious to public prohibited 746.260
Driving record not to be considered in issuance of motor vehicle insurance 746.265
Purposes for which abstract of nonemployment driving record may be considered 746.270
Use of past investment or predicted future investment experience in sale of variable life insurance policies 746.275
Definitions for ORS 746.275 to 746.300 746.280
Designation of particular motor vehicle repair shop by insurer prohibited 746.285
Notice of prohibition in motor vehicle repair shops 746.287
Insurer requirement of installation of aftermarket crash part in vehicle 746.289
Insurer offer of crash part warranty 746.290
Notice of prohibition in policies and by adjusters 746.292
Motor vehicle repair shops 746.295
Proof and amount of loss under motor vehicle liability policies 746.300
Liability of insurers and motor vehicle repair shops for damages 746.305
Rules 746.308
Violation of provisions regarding totaled vehicles as violation of Insurance Code 746.310
Representing or aiding unauthorized insurer prohibited 746.320
Service of process equivalent to personal service on unauthorized foreign or alien insurer 746.330
Judgment by default after service of process under ORS 746.320 746.340
Conditions to be met by defendant unauthorized insurer before filing motions or pleadings 746.350
Attorney fee allowable to prevailing party 746.360
Exceptions to application of unauthorized insurer service of process law 746.370
Records of insureds 746.405
Definitions for ORS 746.405 to 746.530 746.422
Inquiries from director to premium finance company 746.425
Applicability of ORS 746.405 to 746.530 746.465
Records required of premium finance companies 746.470
Prohibition against interfering with premium financing recommendation 746.475
Premium finance agreements 746.485
Regulation of service charge for premium financing 746.495
Delinquency charges regulated 746.505
Cancellation of policy by premium finance company 746.515
Return of unearned premiums on cancellation 746.525
Agreement effective as security interest 746.530
Attorney fees 746.600
Definitions for ORS 746.600 to 746.690 746.605
Purpose 746.606
Information privacy standards for health insurers 746.607
Use and disclosure of personal information 746.608
Rules 746.609
Exemptions for health insurers 746.610
Application of ORS 746.600 to 746.690 746.611
Personal representative of deceased person 746.612
No right of action 746.615
Pretext interviews prohibited 746.620
Notice of insurance information practices 746.625
Marketing and research surveys 746.630
Authorization for disclosure of certain information 746.632
Genetic information used for treatment 746.635
Investigative consumer reports 746.640
Access to recorded personal information 746.645
Correction, amendment or deletion of recorded personal information 746.650
Reasons for adverse underwriting decisions 746.655
Information concerning previous adverse underwriting decisions 746.660
Basing adverse underwriting decision on previous adverse decision 746.661
Use of credit history or insurance score 746.662
Filing of insurance scoring models 746.663
Cancellation or nonrenewal of personal insurance policies based on credit history or insurance score 746.665
Limitations and conditions on disclosure of certain information 746.668
Relationship of ORS 746.620, 746.630 and 746.665 to federal Fair Credit Reporting Act 746.670
Investigatory powers 746.675
Service of process on out-of-state insurance-support organizations 746.680
Remedies 746.685
Liability for disclosure of information 746.686
Use of prior claim or inquiry in determination to issue or renew homeowner insurance policy 746.687
Cancellation of homeowner insurance policy 746.688
Use of loss history reports 746.690
Obtaining information under false pretenses prohibited 746.991
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 746.515’s source at oregon​.gov