Oregon § 742.160 Effect of novation of policy under assumption reinsurance agreement

Oregon Statutes

§ 742.160 — Effect of novation of policy under assumption reinsurance agreement

Oregon § 742.160

Vol.18

Title 56Insurance

Ch. 742Insurance Policies Generally; Property and Casualty Policies

This text of Oregon § 742.160 (Effect of novation of policy under assumption reinsurance agreement) 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. § 742.160 (2026).

Text

If a policyholder consents to a transfer as provided in ORS 742.158, or if a transfer is effected under ORS 742.162, the effect of the novation of the policy subject to the assumption reinsurance agreement is that the transferring insurer is relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer becomes directly and solely liable to the policyholder for those insurance obligations and risks.

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If a policyholder consents to a transfer as provided in ORS 742.158, or if a transfer is effected under ORS 742.162, the effect of the novation of the policy subject to the assumption reinsurance agreement is that the transferring insurer is relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer becomes directly and solely liable to the policyholder for those insurance obligations and risks.