(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