Section 742.554 - Disclosures required by insurer to motor vehicle owner when insurer declares vehicle total loss When an insurer declares a motor vehicle a total loss and offers to make a cash settlement to an insured or third-party owner of the motor vehicle, the insurer shall provide the insured or third-party owner:
(1) Any valuation or appraisal reports relied upon by the insurer to determine value; and(2) A written statement in a form provided by the Director of the Department of Consumer and Business Services that includes: (a) Information about total loss, vehicle valuation and the duties of the insurer; and(b) The manner in which and under what circumstances the insured may contact the Division of Financial Regulation of the Department of Consumer and Business Services.Amended by 2017 Ch. 17, § 55, eff. 1/1/2018.742.554 and 742.558 were added to and made a part of the Insurance Code by legislative action but were not added to ORS chapter 742 or any series therein. See Preface to Oregon Revised Statutes for further explanation.