Or. Admin. Code § 836-029-0090

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-029-0090 - Suspension or Revocation

(1) The Director of the Department of Consumer and Business Services may by order suspend or revoke the license of a captive insurer or place the captive insurer on probation on the following grounds:

(a) The captive insurer has not commenced business according to its plan of operation within two years of being authorized;

(b) The captive insurer has ceased to carry on insurance business in or from within Oregon;

(c) At the request of the captive insurer;

(d) The captive insurer uses methods that render the operation of the captive insurer detrimental to the public or the policyholders of the captive insurer according to standards set forth in OAR 836-029-0095 or

(e) Any reason provided in section 16, chapter 84, Oregon Laws 2012.

(2) Before the director takes any action set forth under section 16, chapter 84, Oregon Laws 2012 the director shall give the captive insurer notice in writing of the grounds on which the director proposes to act, and shall provide an opportunity for hearing on the proposed action in accordance with the provision applicable to a contested case proceeding in ORS 183.310 to 183.490.

Or. Admin. Code § 836-029-0090

ID 11-2012(Temp), f. 6-15-12, cert. ef. 7-1-12 thru 12-27-12; ID 17-2012, f. & cert. ef. 11-7-12

Stat. Auth.: ORS 731.244, 2012 OL Ch. 84, Sec. 4 (Enrolled SB 1547)

Stats. Implemented: 2012 OL Ch. 84, Sec. 2-22 (Enrolled SB 1547)