(1) The Director of the Department of Consumer and Business Services may suspend, revoke, refuse to issue or refuse to renew a license of a licensee if the director finds one or more of the following with respect to the licensee or applicant for a license:
(a) Dishonesty, fraud or gross negligence in the conduct of business as a licensee, or the licensee or applicant is otherwise shown to be untrustworthy or incompetent to act as a licensee.
(b) The life settlement provider demonstrates a pattern of unreasonable payments to policyholders or certificate holders.
(c) Falsification by the applicant or licensee of an application for the license or renewal thereof, or misrepresentation or engagement in any other dishonest act in relation to the application.
(d) Conduct resulting in a conviction of a felony under the laws of any state or of the United States, to the extent that such conduct may be considered under ORS 670.280.
(e) Conviction of any crime, an essential element of which is dishonesty or fraud, under the laws of any state or of the United States.
(f) Refusal to renew or cancellation, revocation or suspension of authority to transact insurance or business as a life settlement provider, life settlement broker or similar entity in another state.
(g) Failure to pay a civil penalty imposed by final order of the director or to carry out terms of probation set by the director.
(h) Refusal by a licensee to be examined or to produce accounts, records or files for examination, refusal by any officers to give information with respect to the affairs of the licensee or refusal to perform any other legal obligation as to the examination when required by the director.
(i) Affiliation with or under the same general management or interlocking directorate or ownership as another life settlement provider or life settlement broker or an insurer, any of which unlawfully transacts business in this state.
(j) Failure at any time to meet any qualification for which issuance of the license could have been refused had the failure then existed and been known to the director.
(k) Violation of any rule or order of the director or any provision of the Insurance Code.
(2) The director may suspend or refuse to renew a license immediately and without hearing if the director determines that one or both of the following circumstances exist:
(a) The licensee is insolvent.
(b) The financial condition or business practices of the licensee otherwise pose an imminent threat to the public health, safety or welfare of the residents of this state.
(3) A life settlement provider or life settlement broker holding a license that has not been renewed or has been revoked shall surrender the license to the director at the director’s request.
(4) The director may take any other administrative action authorized under the Insurance Code in addition to or in lieu of the actions authorized under this section. [1995 c.342 §10]Section: Previous 744.326 744.328 744.330 744.331 744.333 744.335 744.336 744.338 744.340 744.341 744.343 744.345 744.346 744.348 744.350 Next
Last modified: August 7, 2008