As used in ORS 734.750 to 734.890, unless the context requires otherwise:
(1) “Account” means any of the three accounts created under ORS 734.800.
(2) “Association” means the Oregon Life and Health Insurance Guaranty Association created under ORS 734.800.
(3) “Contractual obligation” means any obligation under covered policies.
(4) “Covered policy” means any policy or contract to which ORS 734.750 to 734.890 apply.
(5) “Impaired insurer” means a member insurer deemed by the Director of the Department of Consumer and Business Services after September 13, 1975, to be potentially unable to fulfill its contractual obligations, excluding insolvent insurers.
(6) “Insolvent insurer” means an insurer:
(a) That was a member insurer either at the time the policy was issued or when the insured event occurred, or any insurer that has acquired direct policy obligations from a member insurer through purchase, merger, consolidation, reinsurance or otherwise, whether or not the acquiring insurer held a certificate of authority to transact insurance in this state at the time the policy was issued or when the insured event occurred; and
(b) That, after September 13, 1975, becomes insolvent and is placed under a final order of liquidation, rehabilitation or conservation by a court of competent jurisdiction.
(7) “Member insurer” means any insurer authorized to transact in this state any kind of insurance to which ORS 734.750 to 734.890 apply.
(8) “Premiums” means direct gross insurance, including annuity, premiums written on covered policies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. “Premiums” does not include premiums on contracts between insurers and reinsurers or any premiums on policies or contracts excluded under ORS 734.790.
(9) “Resident” means a person to whom contractual obligations are owed by a member insurer which is determined to be an impaired or insolvent insurer at a time when the person is a resident of this state. [1975 c.251 §6; 1987 c.414 §180; 1991 c.811 §1]Section: Previous 734.670 734.680 734.690 734.695 734.700 734.710 734.750 734.760 734.770 734.780 734.790 734.800 734.805 734.810 734.815 Next
Last modified: August 7, 2008