Oregon Law
Law as of Jan 1, 2024
Chapter contents
734.010[1967 c.359 §258; repealed by 1993 c.447 §122] 734.014Definitions 734.018[Formerly 751.010; and then 734.030 in 1989; repealed by 1993 c.447 §122] 734.020[1967 c.359 §257; renumbered 734.014 in 1989] 734.022[Formerly 734.040; repealed by 1993 c.447 §122] 734.026“Domiciliary,” “ancillary” and “reciprocal state” defined 734.030[Formerly 751.010; renumbered 734.018 in 1989] 734.031[Formerly 734.060; repealed by 1993 c.447 §122] 734.035[Formerly 734.070; repealed by 1993 c.447 §122] 734.039[Formerly 734.080; repealed by 1993 c.447 §122] 734.040[1967 c.359 §260; renumbered 734.022 in 1989] 734.043Supervision of insurer; order; consequences; insurer remedies 734.047Time for correction of condition leading to order of supervision 734.050[1967 c.359 §261; renumbered 734.026 in 1989] 734.051Actions by director during period of supervision 734.055Action against person violating order of supervision 734.059Request for court order 734.060[1967 c.359 §262; renumbered 734.031 in 1989] 734.063Court order; hearings; notice 734.067Review of court order 734.070[1967 c.359 §263; renumbered 734.035 in 1989] 734.080[1967 c.359 §264; renumbered 734.039 in 1989] 734.110Jurisdiction of delinquency proceedings; venue 734.113Application of Oregon Receivership Code 734.120Exclusive remedy; appeal 734.130Commencement of delinquency proceeding 734.140Injunctions 734.142Cooperation with director in delinquency proceedings 734.144Immunity of certain persons from civil liability 734.150Grounds for rehabilitation of domestic insurers 734.160Order of rehabilitation for domestic insurers 734.170Grounds for liquidation of domestic insurers 734.180Order of liquidation of domestic insurers 734.190Grounds for conservation of foreign and alien insurers 734.200Conservation or ancillary receivership of foreign and alien insurers 734.210Conduct of delinquency proceedings for domestic insurers 734.220Powers of director as receiver 734.230Deputies and assistants 734.240Conduct of delinquency proceedings for foreign insurers 734.250Right of domiciliary receiver to sue in this state 734.260Claims of nonresidents against domestic insurers 734.270Claims of residents against foreign insurers 734.280Form of claim; notice; hearing 734.290Priority of preferred claims 734.300Priority of special deposit claims 734.310Priority of secured claims 734.320Attachment and garnishment of assets 734.330[Formerly 751.110; repealed by 1993 c.447 §122] 734.340Date rights fixed on liquidation 734.350Voidable transfers 734.370Offsets 734.380Allowance of certain claims 734.390Time to file claims 734.400Report for assessment; domestic mutual and reciprocal insurers 734.410Levy of assessment; domestic mutual and reciprocal insurers 734.420Order to pay assessment 734.430Publication and transmittal of assessment order 734.440Judgment upon assessment 734.510Definitions for ORS 734.510 to 734.710 734.520Purpose 734.530Construction 734.540Application 734.550Oregon Insurance Guaranty Association; all insurers required to be members; formation of operating plan 734.555Application to association of certain laws governing corporations; exception 734.560Association board of directors; terms; vacancies; compensation and expenses; quorum 734.570Required functions of association 734.575Refunds from association deposited in General Fund 734.577[1987 c.582 §1; 1991 c.67 §196; 2003 c.14 §448; repealed by 2005 c.755 §59] 734.579Recoupment assessments; rules 734.580Discretionary functions of association 734.590Plan of operation; submission to director; rules 734.600Contents of plan of operation 734.610Notification to association of insurer insolvency; furnishing association with premium information 734.620Notification of insolvency to insured persons; revocation of designation of servicing facility 734.630Assignment of claim rights; filing statements of paid claims; effect of claim settlements 734.635Disbursing assets of insolvent insurer to association; court approval; notice to other states 734.640Claim priority 734.650Notifying director of impaired insurers; examination; reports on impaired insurers 734.660Regulation of association as insurer 734.670Exemption of association from payment of fees and taxes 734.680[1971 c.616 §20; repealed by 1977 c.793 §11] 734.690Immunity from legal action 734.695Liability of insured of insolvent insurer 734.700Defense of claims on default of insolvent insurer 734.710Administration of delinquency proceeding claims and expenses; application of ORS 734.014, 734.026 and 734.110 to 734.440 to insurers 734.750Short title 734.760Definitions for ORS 734.750 to 734.890 734.770Purpose 734.780Construction 734.790Application 734.800Oregon Life and Health Insurance Guaranty Association; required members; required accounts 734.805Association board of directors; terms; selection; vacancies; compensation and expenses 734.810Duties and powers of association; termination of obligations; limit of obligations 734.815Assessment of members; classes of assessments; amounts; refunds 734.820Plan of operation; submission of amendments to director; rules; contents of plan 734.825Powers and duties of director 734.830Notifying director of impaired insurers; examination; reports on impaired insurers 734.835Assessments offset against tax liabilities; rate 734.840Conduct of liquidation, rehabilitation or conservation proceeding involving impaired or insolvent insurer 734.850Examination and regulation of association by director; required reports 734.860Exemption of association from payment of fees and taxes 734.870Immunity from legal action 734.880Stay of proceeding involving insolvent insurer 734.890Association not to be used in sales or solicitation

Chapter 734 — Rehabilitation, Liquidation and Conservation of Insurers GENERAL PROVISIONS 734.360 Preference of claims

ORS 734.695 Liability of insured of insolvent insurer

(1)

The insured of an insolvent insurer may not be personally liable for amounts due any reinsurer, insurer, insurance pool or underwriting association as subrogation recoveries or otherwise up to the applicable limits of liability provided by the insurance policy issued by the insolvent insurer.

(2)

Notwithstanding the provisions of subsection (1) of this section, and except for claims arising out of workers’ compensation policies subject to ORS chapter 656, the Oregon Insurance Guaranty Association may recover from the following persons the

amount of any covered claim paid on behalf of such person under ORS 734.510 to 734.710:

(a)

Any insured whose net worth exceeds $25 million on December 31 of the year next preceding the date the insurer becomes an insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under ORS 734.510 to 734.710; and

(b)

Any person who is an affiliate of the insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under ORS 734.510 to 734.710.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.