(1) The Director of the Department of Consumer and Business Services may declare a surplus lines insurer described in ORS 735.415 (1) ineligible if the director has reason to believe that the surplus lines insurer:
(a) Is in unsound financial condition;
(b) Is no longer eligible under ORS 735.415;
(c) Has willfully violated the laws of this state; or
(d) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere.
(2) The director shall promptly mail notice of all such declarations to each surplus lines licensee. [1987 c.774 §121; 2001 c.191 §44d]
Section: Previous 735.355 735.360 735.365 735.400 735.405 735.410 735.415 735.420 735.425 735.430 735.435 735.440 735.445 735.450 735.455 NextLast modified: August 7, 2008