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Oregon Revised Statutes Insurance § 742.554

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

When an insurer declares a motor vehicle a total loss and offers to make a cash settlement to an insured or third-party owner of the motor vehicle, the insurer shall provide the insured or third-party owner:

(1) Any valuation or appraisal reports relied upon by the insurer to determine value; and

(2) A written statement in a form provided by the Director of the Department of Consumer and Business Services that includes:

(a) Information about total loss, vehicle valuation and the duties of the insurer; and

(b) The manner in which and under what circumstances the insured may contact the Insurance Division of the Department of Consumer and Business Services.

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Cite this article: FindLaw.com - Oregon Revised Statutes Insurance § 742.554 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-56-insurance/or-rev-st-sect-742-554/

Read this complete Oregon Revised Statutes Insurance § 742.554 on Westlaw. Westlaw subscription required.

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