Oregon Statutes - Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Rental Company Limited Licenses - Section 744.308 - Limitations on authority of insurer and managing general agent.

(1) An insurer shall not allow a managing general agent, without prior approval of the insurer, to pay or commit the insurer to pay a claim over the amount, net of reinsurance, specified in the contract under ORS 744.306. The amount established in the contract shall not exceed one percent of the insurerís policyholder surplus as of December 31 of the last completed calendar year.

(2) Neither an insurer nor a managing general agent may allow a subagent of the managing general agent to serve on the board of directors of the insurer.

(3) An insurer and a managing general agent may not jointly employ any individual. [1991 c.495 §6]

Section:  Previous  744.260  744.265  744.300  744.301  744.303  744.305  744.306  744.308  744.310  744.311  744.313  744.314  744.315  744.316  744.319  Next

Last modified: August 7, 2008