(1) Any pending proceeding in which an insolvent insurer is a party or is obligated to defend a party in any court of this state shall be stayed for 60 days after the date a receiver is appointed by the court to permit the Oregon Insurance Guaranty Association time to prepare a defense in such proceedings.
(2) If any covered claim arises from a judgment based on the default of the insolvent insurer or its failure to defend an insured, the association may apply to have such judgment set aside, and, upon such application shall be permitted to defend against the claim on the merits. [1971 c.616 §22]
Section: Previous 734.640 734.650 734.660 734.670 734.680 734.690 734.695 734.700 734.710 734.750 734.760 734.770 734.780 734.790 734.800 NextLast modified: August 7, 2008