Oregon § 734.580 Discretionary functions of association

Oregon Statutes

§ 734.580 — Discretionary functions of association

Oregon § 734.580

Vol.18

Title 56Insurance

Ch. 734Rehabilitation, Liquidation and Conservation of Insurers

This text of Oregon § 734.580 (Discretionary functions of association) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 734.580 (2026).

Text

The Oregon Insurance Guaranty Association may:

(1)Employ or retain persons or designate servicing facilities that are necessary to handle claims and perform the other duties of the association, subject to the approval of the Director of the Department of Consumer and Business Services. Servicing facilities so designated may be foreign corporations or associations.

(2)Borrow funds necessary to carry out ORS 734.510 to 734.710, in such manner as may be specified in the plan.

(3)Sue or be sued.

(4)Negotiate and become a party to contracts that are necessary to carry out ORS 734.510 to 734.710.

(5)Refund to member insurers, at the end of any calendar year, in proportion to each member insurer’s payments to the association, that amount by which the board of directors finds that the funds o

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The Oregon Insurance Guaranty Association may:
(1) Employ or retain persons or designate servicing facilities that are necessary to handle claims and perform the other duties of the association, subject to the approval of the Director of the Department of Consumer and Business Services. Servicing facilities so designated may be foreign corporations or associations.
(2) Borrow funds necessary to carry out ORS 734.510 to 734.710, in such manner as may be specified in the plan.
(3) Sue or be sued.
(4) Negotiate and become a party to contracts that are necessary to carry out ORS 734.510 to 734.710.
(5) Refund to member insurers, at the end of any calendar year, in proportion to each member insurer’s payments to the association, that amount by which the board of directors finds that the funds of the association exceed the association’s current claims and expenses plus the liabilities estimated for the coming year.
(6) Pay any claim made under a cybersecurity insurance policy, at the association’s sole discretion and without assuming any duty to pay, if the claim is covered by a cybersecurity insurance policy of an insolvent insured on behalf of an insured with the net worth described in ORS 734.695 (2)(a). In all cases in which the association pays under this subsection a claim made on behalf of an insured with the net worth described in ORS 734.695 (2)(a), the association may recover the amount paid as provided under ORS 734.695.
(7) Perform any other acts that are necessary or proper to carry out ORS 734.510 to 734.710.