Oregon § 735.410 Conditions for procuring insurance through nonadmitted insurer; rules

Oregon Statutes

§ 735.410 — Conditions for procuring insurance through nonadmitted insurer; rules

Oregon § 735.410

Vol.18

Title 56Insurance

Ch. 735Alternative Insurance

This text of Oregon § 735.410 (Conditions for procuring insurance through nonadmitted insurer; rules) 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. § 735.410 (2026).

Text

(1)Insurance may be procured through a surplus lines licensee from a nonadmitted insurer if:

(a)The insurer is an eligible surplus lines insurer;

(b)A diligent search has first been made among the insurers who are authorized to transact and are actually writing the particular kind and class of insurance in this state, and it is determined that the full amount or kind of insurance cannot be obtained from those insurers; and

(c)All other requirements of ORS 735.400 to 735.495 are met.

(2)Subsection (1)(b) of this section does not apply to a surplus lines licensee seeking to procure or place nonadmitted insurance in this state for an exempt commercial purchaser if:

(a)The surplus lines licensee procuring or placing the surplus lines insurance has disclosed to the exempt commercial purch

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(1) Insurance may be procured through a surplus lines licensee from a nonadmitted insurer if:
(a) The insurer is an eligible surplus lines insurer;
(b) A diligent search has first been made among the insurers who are authorized to transact and are actually writing the particular kind and class of insurance in this state, and it is determined that the full amount or kind of insurance cannot be obtained from those insurers; and
(c) All other requirements of ORS 735.400 to 735.495 are met.
(2) Subsection (1)(b) of this section does not apply to a surplus lines licensee seeking to procure or place nonadmitted insurance in this state for an exempt commercial purchaser if:
(a) The surplus lines licensee procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and
(b) The exempt commercial purchaser has subsequently requested in writing that the surplus lines licensee procure or place such insurance from a nonadmitted insurer.
(3) The Director of the Department of Consumer and Business Services by rule may establish requirements applicable to the placement of surplus lines insurance on Oregon home state risks by a nonresident surplus lines licensee. The rules may not interfere with or hinder implementation of the federal Gramm-Leach-Bliley Act (P.L. 106-102) with respect to licensing reciprocity among the states, or the Nonadmitted and Reinsurance Reform Act of 2010 (P.L. 111-203, Title V, Subtitle B).
(4)(a) The director, in consultation with the Surplus Line Association of Oregon, or a successor, may publish a list of insurance coverages that are generally unavailable in the authorized insurance market for covering affordable housing in this state.
(b) Notwithstanding the requirement for a diligent search described in subsection (1)(b) of this section, an insurance producer or agent may place a coverage included on the list described in paragraph (a) of this subsection directly with a surplus lines insurer without first searching for an authorized insurer with which to place the coverage.