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Oregon Revised Statutes Insurance § 735.178

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) The Director of the Department of Consumer and Business Services may suspend or revoke the certificate of authority issued to a captive insurer to transact insurance in this state if the captive insurer:

(a) Is insolvent or impaired as defined in ORS 734.014;

(b) Fails to meet the requirements of ORS 735.150 to 735.190;

(c) Refuses or fails to submit an annual report required by ORS 735.172 or any other report or statement required by law or by order of the director;

(d) Fails to comply with the charter, bylaws or other organizational document of the captive insurer;

(e) Fails to submit to an examination under ORS 735.174 or 735.182 or any legal obligation relative to an examination under ORS 735.174 or 735.182;

(f) Refuses or fails to pay the cost of examination under ORS 735.174 or 735.182;

(g) Uses methods that, although not otherwise specifically prohibited by law, render:

(A) The operation of the captive insurer detrimental to the public or the policyholders of the captive insurer according to standards adopted by the director by rule; or

(B) The condition of the captive insurer unsound with respect to the public or to the policyholders of the captive insurer; or

(h) Otherwise fails to comply with laws of this state.

(2) If the director finds, upon examination, hearing or other evidence that a captive insurer has committed any of the acts specified in subsection (1) of this section, the director may suspend or revoke the certificate of authority issued to the captive insurer if the director considers it in the best interest of the public and the policyholders of the captive insurer.

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Cite this article: FindLaw.com - Oregon Revised Statutes Insurance § 735.178 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-56-insurance/or-rev-st-sect-735-178/

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