ORS Chapter 734

Chapter 734 — Rehabilitation,Liquidation and Conservation of Insurers

 

2009 EDITION

 

 

REHABILITATION,LIQUIDATION & CONSERVATION

 

INSURANCE

 

GENERALPROVISIONS

 

734.014     Definitions

 

734.026     “Domiciliary,”“ancillary” and “reciprocal state” defined

 

734.043     Supervisionof insurer; order; consequences; insurer remedies

 

734.047     Timefor correction of condition leading to order of supervision

 

734.051     Actionsby director during period of supervision

 

734.055     Actionagainst person violating order of supervision

 

734.059     Requestfor court order

 

734.063     Courtorder; hearings; notice

 

734.067     Reviewof court order

 

734.110     Jurisdictionof delinquency proceedings; venue

 

734.120     Exclusiveremedy; appeal

 

734.130     Commencementof delinquency proceeding

 

734.140     Injunctions

 

734.142     Cooperationwith director in delinquency proceedings

 

734.144     Immunityof certain persons from civil liability

 

734.150     Groundsfor rehabilitation of domestic insurers

 

734.160     Orderof rehabilitation for domestic insurers

 

734.170     Groundsfor liquidation of domestic insurers

 

734.180     Orderof liquidation of domestic insurers

 

734.190     Groundsfor conservation of foreign and alien insurers

 

734.200     Conservationor ancillary receivership of foreign and alien insurers

 

734.210     Conductof delinquency proceedings for domestic insurers

 

734.220     Powersof director as receiver

 

734.230     Deputiesand assistants

 

734.240     Conductof delinquency proceedings for foreign insurers

 

734.250     Rightof domiciliary receiver to sue in this state

 

734.260     Claimsof nonresidents against domestic insurers

 

734.270     Claimsof residents against foreign insurers

 

734.280     Formof claim; notice; hearing

 

734.290     Priorityof preferred claims

 

734.300     Priorityof special deposit claims

 

734.310     Priorityof secured claims

 

734.320     Attachmentand garnishment of assets

 

734.340     Daterights fixed on liquidation

 

734.350     Voidabletransfers

 

734.360     Preferenceof claims

 

734.370     Offsets

 

734.380     Allowanceof certain claims

 

734.390     Timeto file claims

 

734.400     Reportfor assessment; domestic mutual and reciprocal insurers

 

734.410     Levyof assessment; domestic mutual and reciprocal insurers

 

734.420     Orderto pay assessment

 

734.430     Publicationand transmittal of assessment order

 

734.440     Judgmentupon assessment

 

OREGONINSURANCE GUARANTY ASSOCIATION

 

734.510     Definitionsfor ORS 734.510 to 734.710

 

734.520     Purpose

 

734.530     Construction

 

734.540     Application

 

734.550     OregonInsurance Guaranty Association; all insurers required to be members; formationof operating plan

 

734.555     Applicationto association of certain laws governing corporations; exception

 

734.560     Associationboard of directors; terms; vacancies; compensation and expenses; quorum

 

734.570     Requiredfunctions of association

 

734.575     Refundsfrom association deposited in General Fund

 

734.579     Recoupmentassessments; rules

 

734.580     Discretionaryfunctions of association

 

734.590     Planof operation; submission to director; rules

 

734.600     Contentsof plan of operation

 

734.610     Notificationto association of insurer insolvency; furnishing association with premiuminformation

 

734.620     Notificationof insolvency to insured persons; revocation of designation of servicingfacility

 

734.630     Assignmentof claim rights; filing statements of paid claims; effect of claim settlements

 

734.635     Disbursingassets of insolvent insurer to association; court approval; notice to otherstates

 

734.640     Claimpriority

 

734.650     Notifyingdirector of impaired insurers; examination; reports on impaired insurers

 

734.660     Regulationof association as insurer

 

734.670     Exemptionof association from payment of fees and taxes

 

734.690     Immunityfrom legal action

 

734.695     Liabilityof insured of insolvent insurer

 

734.700     Defenseof claims on default of insolvent insurer

 

734.710     Administrationof delinquency proceeding claims and expenses; application of ORS 734.014,734.026 and 734.110 to 734.440 to insurers

 

OREGONLIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

 

734.750     Shorttitle

 

734.760     Definitionsfor ORS 734.750 to 734.890

 

734.770     Purpose

 

734.780     Construction

 

734.790     Application

 

734.800     OregonLife and Health Insurance Guaranty Association; all insurers required to bemembers; required accounts

 

734.805     Associationboard of directors; terms; selection; vacancies; compensation and expenses

 

734.810     Dutiesand powers of association

 

734.815     Assessmentof members; classes of assessments; amounts; refunds

 

734.820     Planof operation; submission of amendments to director; rules; contents of plan

 

734.825     Powersand duties of director

 

734.830     Notifyingdirector of impaired insurers; examination; reports on impaired insurers

 

734.835     Assessmentsoffset against tax liabilities; rate

 

734.840     Conductof liquidation, rehabilitation or conservation proceeding involving impaired orinsolvent insurer

 

734.850     Examinationand regulation of association by director; required reports

 

734.860     Exemptionof association from payment of fees and taxes

 

734.870     Immunityfrom legal action

 

734.880     Stayof proceeding involving insolvent insurer

 

734.890     Associationnot to be used in sales or solicitation

 

      734.010 [1967 c.359 §258;repealed by 1993 c.447 §122]

 

GENERALPROVISIONS

 

      734.014Definitions.As used in this chapter:

      (1)“Delinquency proceeding” means any proceeding commenced against an insurerpursuant to this chapter for the purpose of liquidating, rehabilitating orconserving the insurer.

      (2)“Foreign country” means territory not in any state.

      (3)“General assets” means all property, real, personal or otherwise, notspecifically mortgaged, pledged, deposited or otherwise encumbered for thesecurity or benefit of specified persons or a limited class or classes ofpersons. As to specifically encumbered property, “general assets” includes allsuch property or its proceeds in excess of the amount necessary to discharge thesum or sums secured thereby. Assets held in trust and assets held on depositfor the security or benefit of all policyholders or all policyholders andcreditors, in more than a single state, shall be treated as general assets.

      (4)An insurer is “impaired” when its allowed assets do not exceed its liabilitiesplus its required capitalization.

      (5)An insurer is “insolvent” when the insurer is unable to pay its obligationswhen they are due, or when its allowed assets do not exceed its liabilities.

      (6)“Insurer” includes:

      (a)All persons transacting or purporting to transact insurance as insurers in thisstate; and

      (b)All persons in process of organization to become insurers.

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