Oregon Law
Law as of Jan 1, 2026
Chapter contents
731.004Short title 731.008Purpose of Insurance Code 731.010[Repealed by 1965 c.241 §3] 731.012Effect of federal law 731.016Construction of Insurance Code 731.020[Repealed by 1965 c.241 §3] 731.022Compliance with Insurance Code required 731.026Application of Insurance Code to particular insurers 731.028Applicability of certain Insurance Code provisions to State Accident Insurance Fund Corporation 731.030[Repealed by 1965 c.241 §3] 731.032[1967 c.359 §7; 1971 c.69 §1; 1971 c.538 §1; 1979 c.848 §1; 1993 c.265 §3; repealed by 2003 c.802 §173] 731.036Persons completely exempt from application of Insurance Code 731.038Application of Insurance Code to charitable organizations that issue charitable gift annuities 731.039Requirements for certain educational institutions or nonprofit corporations issuing charitable gift annuities 731.040[Repealed by 1965 c.241 §3] 731.042Certificate of exemption; application of certain Insurance Code provisions to exempt insurers 731.046Exemption of policies from Securities Law 731.050[Repealed by 1965 c.241 §3] 731.052Insurance Code definitions 731.056“Action.” 731.060[Repealed by 1965 c.241 §3] 731.062[1967 c.359 §13; 1991 c.810 §1; 2001 c.191 §20; 2003 c.364 §1; renumbered 731.104 in 2003] 731.066“Authorized,” “unauthorized” insurer 731.069“Certificate,” “certificate holder.” 731.070[Repealed by 1965 c.241 §3] 731.072“Certificate of authority,” “license.” 731.074“Commercial liability insurance.” 731.075“Covered life.” 731.076“Department,” “director.” 731.080[Repealed by 1965 c.241 §3] 731.082“Domestic,” “foreign,” “alien” insurer 731.086“Domestic risk.” 731.090[Repealed by 1965 c.241 §3] 731.092“Domicile.” 731.096“Domicile of alien insurer.” 731.097“Essential health benefits.” 731.098“Group health insurance.” 731.099“Independently procured insurance.” 731.100[Repealed by 1965 c.241 §3] 731.102“Insurance.” 731.104“Insurance producer.” 731.106“Insurer.” 731.110[Repealed by 1965 c.241 §3] 731.112“Judgment.” 731.114“Limited benefit coverage.” 731.116“Person.” 731.120[Repealed by 1965 c.241 §3] 731.122“Policy.” 731.126“Reinsurance.” 731.130[Repealed by 1965 c.241 §3] 731.132“Required capitalization.” 731.136“State.” 731.140[Repealed by 1965 c.241 §3] 731.142“Stock,” “mutual” and “reciprocal” insurer 731.144“Surplus lines insurance.” 731.146“Transact insurance.” 731.150Definitions of classes of insurance not mutually exclusive 731.154“Annuity.” 731.156“Variable life insurance”; “variable annuity.” 731.158“Casualty insurance.” 731.162“Health insurance.” 731.164“Home protection insurance,” “home protection insurer.” 731.166“Industrial life insurance.” 731.170“Life insurance”; includes annuities 731.174“Marine and transportation insurance.” 731.178“Mortgage insurance.” 731.182“Property insurance.” 731.186“Surety insurance.” 731.190“Title insurance.” 731.194“Wet marine and transportation insurance.” 731.204[Formerly 736.495; repealed by 1987 c.373 §85] 731.208[Formerly 736.500; repealed by 1987 c.373 §85] 731.212[1967 c.359 §46; repealed by 1987 c.373 §85] 731.216Administrative power of director 731.220[Formerly 736.507; repealed by 1987 c.373 §85] 731.224[1967 c.359 §49; repealed by 1987 c.373 §85] 731.228Prohibited interests and rewards 731.232Subpoena power 731.236General powers and duties 731.240Hearings in general 731.244Rules 731.248Orders 731.252Cease and desist orders 731.256Enforcement generally; restitution 731.258Enforcement of orders and decisions by Attorney General; filing, enforcement and effect of foreign decrees 731.259Requirement for written notice to insured; rules 731.260False or misleading filings 731.264Complaints and investigations confidential; permitted disclosures; rules 731.268Use of reproductions and certified copies as evidence; fee 731.272Director’s annual reports; notice of publication of report 731.276Recommendations for changes in Insurance Code 731.280Publications authorized 731.282Authority to sell publications 731.284Distribution of insurance laws 731.288Recording complaints; director to consider complaints before issuing licenses 731.292Disposition of fees, charges, taxes, penalties and other moneys 731.296Director’s inquiries 731.300Examination of insurers; when required 731.302Appointment of examiners; retaining of appraisers, actuaries and others; evidentiary status of facts and conclusions 731.304Investigation of persons transacting insurance 731.308Procedure at examination or investigation; production of books and other records 731.312Report of examination; review by person examined; hearing; confidentiality of certain information and documents; permitted disclosures 731.314Immunity for director, examiner and others 731.316Expenses of examination of insurer 731.324Service of process on Secretary of State; notice to unauthorized insurer 731.328Deposits by unauthorized insurers in actions or proceedings 731.354Certificate of authority required 731.356Unauthorized insurance transaction enforcement 731.358Requirements of domestic insurers generally 731.362Requirements of foreign or alien insurers generally 731.363Authorized foreign insurer becoming domestic insurer 731.364Domestic insurer transferring domicile to another state 731.365Effect of transfer of domicile by domestic or foreign insurer; notice to director by transferring insurer 731.366[Formerly 749.040; 1971 c.231 §42; 1977 c.651 §1; 1993 c.709 §4; renumbered 731.369 in 1995] 731.367Transfer of domicile by unincorporated authorized foreign insurer 731.369Requirements of reciprocal insurers generally 731.370Reciprocal insurer’s financial statement; service of process 731.371Powers of reciprocal insurer regarding real estate 731.374Exemptions to certificate of authority requirement 731.378Foreign and alien insurers exempt from laws governing admission of foreign and alien corporations 731.380Authority of foreign and alien insurers to take, acquire, hold and enforce notes secured by mortgages; statement; fees 731.381Exemption from taxes for foreign and alien insurers engaging in activities authorized by ORS 731.380 731.382General eligibility for certificate of authority 731.385Standards for determining whether continued operation of insurer is hazardous; rules; order; hearing 731.386Management of insurers 731.390Government insurers not to be authorized 731.394Combinations of insuring powers in one insurer 731.396Certificate of authority and good financial condition required to issue variable life insurance or variable annuity policies 731.398Amendment of certificate of authority 731.402Issuance or refusal of certificate of authority 731.406What certificate evidences; ownership of certificate 731.410Continuance, expiration or reinstatement of certificate of authority 731.414Suspension or revocation of certificate of authority; mandatory grounds 731.418Grounds for suspension or revocation of certificate of authority 731.422Order of suspension, revocation or refusal; effect upon insurance producers’ authority 731.426Duration of suspension; insurer’s obligations during suspension period; reinstatement 731.428Written consent to engage or participate in business of insurance; rules 731.430Name of insurer 731.434Registered office and agent 731.438Title plant requirement for title insurers; posting of indexes; plant ownership and maintenance 731.439Satisfaction of requirements of ORS 731.438 (1) by certain title plants 731.442Prohibition on transacting life insurance business on mutual assessment plan 731.446Policyholder deposits 731.450Unrelated business prohibited; exceptions; title insurer as escrow agent 731.454Domestic insurers not to transact business in jurisdiction where not authorized 731.458Exchange of reciprocal or interinsurance contracts 731.462Nonassessable policies of reciprocal insurer 731.466Power of attorney for reciprocal insurer 731.470Attorney for reciprocal insurer 731.475Claims processing by workers’ compensation insurer; permission for remote claims processing; availability and disposition of claims records; auditing and examinations by director; rules 731.480Workers’ compensation policies; conditions for issuing 731.482Withdrawal from, failure to renew or cancellation of line by commercial liability insurer 731.484Prohibition on certain sales related to group health and group life insurance 731.485Conditions under which insurer may limit insured’s choice of drug outlets and pharmacies 731.486Exemption from definition of “transact insurance” for group health and life policies; master group health and life insurance coverage; rules 731.488Annual audit of insurer; rules 731.490[1987 c.774 §52; repealed by 1997 c.131 §1] 731.492Required notification to claimant upon insurer’s payment to settle third-party liability claim; required contents of notification 731.493[1987 c.774 §53; repealed by 1997 c.131 §1] 731.496[1987 c.774 §54; repealed by 1997 c.131 §1] 731.498[1987 c.774 §58; repealed by 1997 c.131 §1] 731.500[1987 c.774 §59; repealed by 1997 c.131 §1] 731.504Limit of risk 731.508Approved reinsurance 731.509Legislative intent; criteria for allowing credit for reinsurance; rules 731.510Criteria for allowing reduction from liability for reinsurance; rules 731.511Criteria to be met by assuming insurer in order to be accredited as reinsurer; rules 731.512Withdrawal of insurer; reinsurance 731.514Ceding insurer’s management of reinsurance recoverables; requirement to diversify reinsurance program 731.516Mortgage insurance limitation; waiver of limitation; rules; fees 731.520Conditions that insurers assuming ceded reinsurance must meet for allowance of credit; list of reciprocal jurisdictions; list of qualifying assuming insurers; rules 731.554Capital and surplus requirements 731.558[1967 c.359 §107; repealed by 1993 c.447 §122] 731.562Title insurer capital and surplus requirements 731.566Reciprocal insurer surplus requirements 731.568[1993 c.709 §2; repealed by 2001 c.318 §4] 731.570Withdrawing advancements made to reciprocal insurer 731.574Annual financial statement 731.590“Insurer” defined for ORS 731.592 and 731.594 731.592Reporting criminal conduct involving insurance 731.594Immunity from civil liability 731.604Acceptance of deposits of insurers 731.608Purpose of deposit 731.612Rights of insurer regarding deposits 731.616Valuation of deposits; deficiencies 731.620Assignment of deposited securities 731.624Special deposits; foreign and alien insurers 731.628Deposit required of workers’ compensation insurers 731.632Deposit required of domestic reciprocal insurers; exception 731.636Deposit or trusteed assets of alien insurer required 731.640Eligible deposits; rules 731.642Contracts for security deposits 731.644Payment of losses out of deposits, generally 731.648Duration and release of deposit 731.652Proofs for release of deposit to insurers; director’s responsibility 731.704[Formerly 128.820; 1971 c.425 §2; 1975 c.699 §1; 1983 c.740 §253; 1989 c.326 §1; 1989 c.413 §4; 1991 c.189 §1; 1991 c.190 §1; 1993 c.53 §1; 1997 c.735 §1; repealed by 2005 c.31 §4] 731.708[Formerly 128.830; 1995 c.639 §2a; repealed by 2005 c.31 §4] 731.712[1967 c.359 §127; 1971 c.425 §3; 1989 c.784 §15; repealed by 2005 c.31 §4] 731.716[Formerly 128.850; 1971 c.425 §4; repealed by 2005 c.31 §4] 731.720[Formerly 128.860; 1971 c.425 §5; 1993 c.377 §2; 1995 c.639 §2; 1997 c.131 §2; repealed by 2005 c.31 §4] 731.724[Formerly 128.880; 1971 c.425 §6; repealed by 2005 c.31 §4] 731.730Insurer filings with National Association of Insurance Commissioners 731.731Immunity for certain persons dealing with information collected from filings under ORS 731.730 731.735Certain information confidential 731.737Immunity from liability for certain persons filing reports or furnishing information about specified activities to specified persons 731.740[1995 c.638 §5a; repealed by 2001 c.377 §59] 731.750Confidentiality of report of material acquisitions or dispositions of assets, material nonrenewals, cancellations and revisions of ceded reinsurance agreements 731.752Confidentiality of report used for determination of required amount of capital or surplus; confidentiality of financial plan of action and report of examination connected with plan 731.754Permissible uses of reports and plans described in ORS 731.752 731.760Definitions for ORS 731.760 to 731.770 731.761Privileged information 731.762Authority of director 731.764Waiver of privilege; permitted disclosures 731.766Petition for in camera hearing; hearing; compelled disclosure 731.768Privilege; exceptions 731.770Other privileges or limitations pertaining to audit document 731.804Assessments; rules; fees; how determined 731.808“Gross amount of premiums” defined 731.812Foreign and alien insurer’s report of Oregon business 731.816[1967 c.359 §134; 1971 c.560 §1; 1989 c.700 §5; repealed by 1995 c.786 §1] 731.820Gross premium tax on fire insurance premiums 731.822Prepayment of tax due 731.824Tax on underwriting profits of wet marine and transportation insurers 731.828Computation of wet marine and transportation insurance tax 731.830Premium tax on gross amount of premiums insurer receives for wet marine and transportation insurance 731.832[Formerly 736.175; 1987 c.373 §82; repealed by 1995 c.786 §4] 731.833Record keeping requirements for wet marine and transportation insurance contracts 731.834Insurance producer’s collection of taxes on wet marine and transportation insurance; report to director; rules 731.836Limitation on enforcement of insurer’s tax obligations 731.840Retaliatory or corporate excise tax in lieu of certain taxes and assessments; certain local taxes prohibited 731.841Conditions under which local authority to tax insurer is preempted 731.842Adjustment of amount to be prepaid for taxes; extension of time for payment; interest; penalty for late payment 731.844No personal liability for paying invalid tax 731.854Retaliatory tax 731.858[Formerly 736.245; repealed by 1969 c.158 §2 (731.859 enacted in lieu of 731.858)] 731.859Applicability of retaliatory provisions; disclosure of tax returns 731.870State of emergency; effect upon insurance policies; rules 731.988Civil penalties 731.990[Repealed by 1965 c.241 §3] 731.992Criminal penalty

Chapter 731 — Administration and General Provisions

ORS 731.178 “Mortgage insurance.”

“Mortgage insurance” means insurance against financial loss by reason of:

(1)

Nonpayment of principal, interest and other sums agreed to be paid under the terms of an obligation secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real or personal property; or

(2)

Nonpayment of rent and other sums agreed to be paid under the terms of a written lease for the possession, use or occupancy of real property, such insurance also being referred to in the Insurance Code as “lease insurance.”

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Earlier statutory text is available in an ingested published ORS edition.