Oregon Statutes - Chapter 734 - Rehabilitation, Liquidation and Conservation of Insurers - Section 734.590 - Plan of operation; submission to director; rules.

(1) The Oregon Insurance Guaranty Association shall submit to the Director of the Department of Consumer and Business Services not later than 90 days after September 9, 1971, a plan of operation, and may thereafter submit such amendments thereto as will provide for the reasonable and equitable exercise of the duties and powers of the association. The plan of operation, and any amendments thereto, shall become effective upon approval in writing by the director.

(2) If the association fails to submit a plan that receives the approval of the director as provided in subsection (1) of this section, or if the association thereafter fails to maintain a plan satisfactory to the director, the director shall by rule prescribe a plan of operation that meets the standards provided in subsection (1) of this section. A plan prescribed by the director shall remain in effect until the director by rule provides otherwise.

(3) No member insurer shall fail to comply with the currently effective plan of operation. [1971 c.616 §10]

Section:  Previous  734.555  734.560  734.570  734.575  734.577  734.579  734.580  734.590  734.600  734.610  734.620  734.630  734.635  734.640  734.650  Next

Last modified: August 7, 2008