As used in ORS 735.400 to 735.495:
(1) “Admitted insurer” means an insurer authorized to do an insurance business in this state.
(2) “Capital” means funds paid in for stock or other evidence of ownership.
(3) “Eligible surplus lines insurer” means a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance.
(4) “Export” means to place surplus lines insurance with a nonadmitted insurer.
(5) “Kind of insurance” means one of the types of insurance required to be reported in the annual statement which must be filed with the Director of the Department of Consumer and Business Services by authorized insurers.
(6) “Nonadmitted insurer” means an insurer not authorized to do an insurance business in this state. This definition shall include insurance exchanges as authorized under the laws of various states.
(7) “Producing insurance producer” means the individual insurance producer dealing directly with the party seeking insurance.
(8) “Surplus” means funds over and above liabilities and capital of the insurer for the protection of policyholders.
(9) “Surplus lines licensee” means an insurance producer licensed under ORS chapter 744 to place insurance on risks resident, located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. [1987 c.774 §118; 1991 c.810 §25; 2001 c.191 §44a; 2003 c.364 §38]
Section: Previous 735.340 735.345 735.350 735.355 735.360 735.365 735.400 735.405 735.410 735.415 735.420 735.425 735.430 735.435 735.440 NextLast modified: August 7, 2008