(1) No person shall in this state directly or indirectly with respect to domestic risks act as insurance producer for or otherwise transact insurance for any insurer not then authorized to transact such insurance in this state.
(2) In the event of failure of any unauthorized insurer to pay any claim or loss within the provisions of such insurance policy, any insurance producer who assisted or in any manner aided in the procurement of such insurance policy knowing it to be procured through an unauthorized insurer shall be liable to the insured for the full amount of the claim or loss.
(3) This section does not apply to:
(a) Matters authorized to be done by the Director of the Department of Consumer and Business Services under ORS 746.320 to 746.360.
(b) Insurance written under a surplus line license in compliance with ORS 735.400 to 735.495.
(c) Any transaction with respect to reinsurance when transacted by an insurer duly authorized by its state of domicile to transact the class of insurance involved.
(d) A licensed adjuster or attorney at law representing such an insurer from time to time in such occupational or professional capacity. [1967 c.359 §591; 1969 c.336 §17; 1987 c.774 §140; 1991 c.810 §27; 2003 c.364 §145]Section: Previous 746.290 746.292 746.295 746.300 746.305 746.307 746.308 746.310 746.320 746.330 746.340 746.350 746.360 746.370 746.405 Next
Last modified: August 7, 2008