§ 746.310 — Representing or aiding unauthorized insurer prohibited; insurance producer liable to insured

Oregon § 746.310

• Jurisdiction: Oregon
• Vol.: 18
• Title 56: Insurance
• Ch. 746: Trade Practices

Text

(1) No person shall in this state directly or indirectly with respect to domestic risks act as insurance producer for or otherwise transact insurance for any insurer not then authorized to transact such insurance in this state.
(2) In the event of failure of any unauthorized insurer to pay any claim or loss within the provisions of such insurance policy, any insurance producer who assisted or in any manner aided in the procurement of such insurance policy knowing it to be procured through an unauthorized insurer shall be liable to the insured for the full amount of the claim or loss.
(3) This section does not apply to:
(a) Matters authorized to be done by the Director of the Department of Consumer and Business Services under ORS 746.320 to 746.360.
(b) Insurance written under a surplus line license in compliance with ORS 735.400 to 735.495.
(c) Any transaction with respect to reinsurance when transacted by an insurer duly authorized by its state of domicile to transact the class of insurance involved.
(d) A licensed adjuster or attorney at law representing such an insurer from time to time in such occupational or professional capacity.

Legislative History

1967 c.359 §591; 1969 c.336 §17; 1987 c.774 §140; 1991 c.810 §27; 2003 c.364 §145