Oregon Statutes - Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Rental Company Limited Licenses - Section 744.068 - Required notifications; maintenance of usual and customary records; rules.

(1) An insurance producer shall notify the Director of the Department of Consumer and Business Services prior to transacting business under the insurance producer license under any name other than the insurance producerís legal name and prior to changing, deleting or adding an assumed business name in connection with the insurance producerís business under the insurance producer license.

(2) A resident insurance producer shall keep at the principal place of business of the insurance producer the usual and customary records pertaining to the business under the resident insurance producer license. All such records shall be kept available and open to the inspection of the director during business hours. A resident insurance producer shall keep records of insurance transacted by the insurance producer under the license for three years following expiration of the policy unless the director designates another period.

(3) A nonresident insurance producer shall keep at the principal place of business of the insurance producer the usual and customary records pertaining to the business under the nonresident insurance producer license. All such records shall be kept available and open to the inspection of the director during business hours. For the purpose of this subsection, if a nonresident insurance producer has a place of transacting insurance in this state, that place shall be the principal place of business for the nonresident insurance producer. A nonresident insurance producer shall keep records of insurance transacted by the insurance producer under the nonresident insurance producer license for three years following expiration of the policy unless the director designates another period.

(4) An insurance producer shall notify the director of any of the following changes not later than the 30th day after the date of the change:

(a) A change of address or telephone number of the principal place of business or any location at which the insurance producer transacts business under the license in this state.

(b) The opening or closing of a location at which the insurance producer transacts business under the license in this state.

(c) A change of residence. This paragraph applies only to a resident insurance producer.

(5) Not later than the 30th day after the authority of an individual insurance producer to act for an insurance producer that is a business entity has commenced or terminated, the business entity shall notify the director of the commencement or termination. The director may establish by rule a different period within which the business entity must notify the director under this subsection. [2001 c.191 §11; 2003 c.364 §12]

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Last modified: August 7, 2008