(1) ORS 732.810 to 732.814 apply to an insurer who is authorized in this state to transact property insurance or casualty insurance, or both, and is:
(a) Domiciled in this state; or
(b) Domiciled in a state that is not accredited by the National Association of Insurance Commissioners and does not have in effect a law that the Director of the Department of Consumer and Business Services determines to be substantially similar to ORS 732.810 to 732.814. For purposes of this paragraph, a state is accredited if its insurance department or regulatory agency is determined by the National Association of Insurance Commissioners to meet the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.
(2) ORS 732.517 to 732.592 apply to all parties within a holding company system that is subject to ORS 732.810 to 732.814, to the extent that ORS 732.517 to 732.592 are not inconsistent with ORS 732.810 to 732.814.
(3) ORS 732.810 to 732.814 do not apply to any of the following persons:
(a) A risk retention group as defined in the Superfund Amendments Reauthorization Act of 1986, P.L. 99-499, 100 Stat. 1613 (1986), the Liability Risk Retention Act, 15 U.S.C. § 3901 et seq. or ORS 735.305.
(b) A residual market pool or a joint underwriting authority or association.
(c) An insurer that is owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, an insurer that is owned by the insureds and whose exclusive purpose is to insure risks to member organizations or group members and their affiliates, or any combination thereof. [1993 c.447 §59]
Note: See note under 732.810.
Section: Previous 732.630 732.635 732.645 732.655 732.665 732.675 732.685 732.695 732.705 732.810 732.811 732.812 732.813 732.814 732.990 NextLast modified: August 7, 2008