Or. Admin. Code § 836-071-0150

Current through Register Vol. 63, No. 10, October 1, 2024

Section 836-071-0150 - Errors and Omissions Insurance; Insurance Consultants; Managing General Agents

(1) The amount of insurance for which an insurance consultant must maintain a certificate of errors and omissions insurance with the Director as required by ORS 744.635 is $500,000 claims made or per occurrence.

(2) The amount of insurance for which a managing general agent as described in ORS 744.300 must maintain a certificate of errors and omissions insurance with the Director as required by ORS 744.303is $500,000 claims made or per occurrence.

(3) A managing general agent or an insurance consultant may obtain insurance required by ORS 744.303 or 744.635 from an insurer other than an authorized insurer if the insurer does not control or is not controlled by, or is not under common control with, the managing general agent or insurance consultant, whether directly or indirectly through one or more intermediaries, and if:

(a) The insurer is an eligible surplus lines insurer pursuant to the requirements of ORS 735.400 to 735.495 and the insurance is procured by a surplus lines licensee;

(b) The insurer is an authorized insurer in the state of domicile of the insurance consultant or managing general agent for whom the insurance is obtained; or the state of domicile of the applicant for either such license; or

(c) The insurance is procured from an Oregon surplus lines insurer that is eligible in the state of domicile of the insurance consultant or managing general agent, or applicant for either such license, if all requirements of this subsection are satisfied. The insurance for purposes of this subsection must be confirmed by the signature of an Oregon surplus lines licensee. The Oregon surplus lines licensee must also affirm in writing that the Oregon surplus lines licensee will be the agent for service of process for any action or proceeding involving the insurance consultant or managing general agent and an Oregon resident.

Or. Admin. Code § 836-071-0150

ID 1-1992, f. & cert. ef. 1-27-92; ID 8-2005, f. 5-18-05, cert. ef. 8-1-05

Stat. Auth.: ORS 731.244, 744.303, 744.635, 744.704, 744.706, 744.712 & 744.726

Stats. Implemented: