ORS 734.800 Oregon Life and Health Insurance Guaranty Association; required members; required accounts

There is created a nonprofit legal entity to be known as the Oregon Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under ORS 734.820, and shall exercise its powers through a board of directors established under ORS 734.805. For purposes of administration and assessment, the association shall maintain three accounts:

The health insurance account, composed of the following subaccounts:

The disability insurance subaccount;

The long term care insurance subaccount; and

The major medical and all other health insurance subaccount;

The life insurance account; and

The annuity account.

The association shall come under the immediate supervision of the Director of the Department of Consumer and Business Services and shall be subject to the applicable provisions of the insurance laws of this state.