Oregon Statutes - Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Rental Company Limited Licenses - Section 744.064 - Persons licensed elsewhere.

(1) Unless denied a license pursuant to ORS 744.074, a person who is currently licensed as a resident insurance producer in a Canadian province, in Mexico or in a state that does not grant nonresident insurance producer licenses to residents of this state on the same basis that this state grants nonresident insurance producer licenses under ORS 744.063 shall receive a nonresident insurance producer license if:

(a) The Director of the Department of Consumer and Business Services determines that the insurance regulator in the personís place of residence grants nonresident insurance producer licenses to residents of this state on the same basis that the director grants nonresident insurance producer licenses to residents of the other jurisdiction or on the same basis that the insurance regulator grants insurance producer licenses to residents of the other jurisdiction, or on another basis that is reasonable and fair to licensees of this state; and

(b) The person meets all of the following requirements:

(A) The person is in good standing as a resident insurance producer in the personís place of residence in Canada, Mexico or the personís state of residence.

(B) The person has submitted the proper request for a nonresident insurance producer license and has paid the applicable fees.

(C) The person has submitted or transmitted to the Director of the Department of Consumer and Business Services the resident insurance producer license application that the person submitted to the insurance regulator in the personís place of residence, or in lieu of that application, a completed Uniform Application.

(D) The person has taken and passed a written examination specified by the director under this section with respect to the authority to transact the class or classes of insurance for which the applicant has applied. The requirement of an examination does not apply to an applicant that is a business entity.

(E) The person has satisfied any other qualifications established by the director by rule or has satisfied qualifications that the director establishes by rule in lieu of the qualifications established in this subsection.

(2) A person who is licensed by this state to sell, solicit or negotiate insurance as a nonresident insurance producer under this section may sell, solicit or negotiate any policy of insurance upon domestic risks to the same extent and upon the same terms as provided by the insurance regulator in the personís place of residence for residents of this state transacting a like business in a province of Canada, in Mexico or in the personís state of residence.

(3) The examination requirement under subsection (1) of this section is subject to waiver if:

(a) The director determines that a written examination or other comparable requirement acceptable to the director is required of applicants for a resident insurance producer license in the other jurisdiction;

(b) The insurance regulator of the other jurisdiction certifies that the applicant holds a valid license as a resident insurance producer in the other jurisdiction and either passed the written examination, was the holder of a resident insurance producer license prior to the time the written examination was first required or meets the other comparable requirement acceptable to the director; and

(c) In the other jurisdiction, a resident of this state is privileged to procure an insurance producer license upon conditions that the director determines to be reasonable and fair to licensees of this state.

(4) The director shall establish the form of the nonresident insurance producer license issued under this section.

(5) A person licensed as a surplus lines insurance producer in the personís home state is eligible for a nonresident surplus lines insurance producer license in the manner provided for nonresident insurance producer licenses in subsection (1) of this section. A person to whom a nonresident surplus lines insurance producer license is issued under this section is subject to ORS 735.400 to 735.495.

(6) The director is the attorney in fact of a person to whom a license is issued under this section, and upon whom all legal process in any action or proceeding against the person may be served. Any legal process against the person that is served upon the director has the same legal force and validity as if served upon the person. The authority of the director under this subsection continues as long as any liability remains outstanding in this state. The director becomes the attorney in fact of the person on the date that the director issues the nonresident insurance producer license to the person. This subsection does not apply to a person to whom a nonresident surplus lines insurance producer license is issued. [2001 c.191 §9; 2003 c.364 §10]

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Last modified: August 7, 2008