(1) There is created a nonprofit legal entity to be known as the Oregon Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under ORS 734.820, and shall exercise its powers through a board of directors established under ORS 734.805. For purposes of administration and assessment, the association shall maintain three accounts:
(a) The health insurance account;
(b) The life insurance account; and
(c) The annuity account.
(2) The association shall come under the immediate supervision of the Director of the Department of Consumer and Business Services and shall be subject to the applicable provisions of the insurance laws of this state. [1975 c.251 §7]
Section: Previous 734.700 734.710 734.750 734.760 734.770 734.780 734.790 734.800 734.805 734.810 734.815 734.820 734.825 734.830 734.835 NextLast modified: August 7, 2008