(1) The Director of the Department of Consumer and Business Services may suspend or revoke the authorization of a guaranty contract insurer to issue guaranty contracts if the director, after notice to the company and giving the company an opportunity to be heard and present evidence, finds that:
(a) The company has failed to comply with its obligations under any such contract; or
(b) The company has failed to comply with the orders of the director or the provisions of this chapter or any rule promulgated pursuant thereto.
(2) A suspension or revocation shall not affect the liability of any such company on any guaranty contract in force prior to the suspension or revocation. [1975 c.556 §37; 1977 c.430 §2; 1987 c.373 §33]
Note: The amendments to 656.447 by section 15, chapter 241, Oregon Laws 2007, become operative July 1, 2009. See section 31, chapter 241, Oregon Laws 2007. The text that is operative on and after July 1, 2009, is set forth for the user’s convenience.
656.447. (1) The Director of the Department of Consumer and Business Services may suspend or revoke the authorization of an insurer to issue workers’ compensation insurance policies if the director, after notice to the company and giving the company an opportunity to be heard and present evidence, finds that:
(a) The company has failed to comply with its obligations under any such policy; or
(b) The company has failed to comply with the orders of the director or the provisions of this chapter or any rule promulgated pursuant thereto.
(2) A suspension or revocation shall not affect the liability of any such company on any workers’ compensation insurance policy in force prior to the suspension or revocation.
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