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Oregon Revised Statutes Insurance § 743.498

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

(1) A health insurance policy which is noncancelable or guaranteed renewable as those terms are used in ORS 743.495, except that the insured's right is for a limited period of more than one year rather than for life, shall contain the applicable one of the following statements, or such other statement which, in the opinion of the Director of the Department of Consumer and Business Services, is equally clear or more definite as to the subject matter:

(a) “THIS POLICY IS NONCANCELABLE __________” (designating the applicable period such as, for example, “to age _____ (specify),” or “for the period of _____ (specify) years from date of issuance”) if the policy is noncancelable for such period.

(b) “THIS POLICY IS GUARANTEED RENEWABLE __________” (designating the applicable period such as, for example, “to age_____ (specify),” or “for the period of _____ (specify) years from date of issuance”) if the policy is guaranteed renewable for such period.

(2) Except for policies meeting the conditions specified in ORS 743.495 or subsection (1) of this section, and except as provided in subsection (3) of this section, a health insurance policy shall contain the applicable one of the following statements, or such other statement which, in the opinion of the director, is equally clear or more definite as to the subject matter:

(a) “THIS POLICY MAY BE CANCELED BY THE INSURER ONLY FOR A REASON PERMITTED BY LAW” if the policy contains a provision for cancellation by the insurer.

(b) “THE INSURER MAY REFUSE TO RENEW THIS POLICY ONLY FOR A REASON PERMITTED BY LAW” if the policy is not guaranteed renewable.

(3) The limitations and requirements as to the use of terms contained in ORS 743.495 and this section shall not prohibit the use of other terms for policies having other guarantees of renewability, provided such terms, in the opinion of the director are accurate, clear and not likely to be confused with the terms contained in ORS 743.495 and this section, and are incorporated in a concise statement relating to the guarantees of renewability.

(4) The statement required by this section shall be printed in a type not smaller than the type used for captions. It shall appear prominently on the first page of the policy and shall be a part of the brief description if the policy has a brief description on its first page.

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Cite this article: FindLaw.com - Oregon Revised Statutes Insurance § 743.498 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-56-insurance/or-rev-st-sect-743-498/

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