Or. Admin. Code § 836-071-0297

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

Section 836-071-0297 - Permitted Transaction of Insurance by Unappointed Insurance Producer

(1) When an insurance producer does not hold an appointment with an insurer, the insurance producer may transact casualty insurance, property insurance or both by placing the insurance with the insurer through a firm or corporate insurance producer appointed by the insurer and:

(a) The appointed insurance producer has a contract with the unappointed insurance producer that specifies the binding authority, if any, and fiduciary responsibility of the unappointed insurance producer, including ownership and payment of the premiums, but does not authorize the unappointed insurance producer to act in the name of the appointed insurance producer; and

(b) The appointed insurance producer obtains at least 90 percent of its premium under contractual agreement with unappointed insurance producers that are not affiliated with the firm or corporate insurance producer.

(2) This rule does not apply to the transaction of insurance by an individual insurance producer affiliated with a firm or corporate insurance producer as provided in OAR 836-071-0295.

Or. Admin. Code § 836-071-0297

ID 3-1990, f. & cert. ef. 1-19-90; ID 9-2002, f. & cert. ef. 3-18-02; ID 8-2005, f. 5-18-05, cert. ef. 8-1-05

Stat. Auth.: ORS 731.244 & 744

Stats. Implemented: