Or. Admin. Code § 836-071-0501

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

Section 836-071-0501 - Allocation of Coverage Totals on Multi-state Policies

(1) This rule establishes requirements that a surplus lines licensee must satisfy in connection with the reporting of a surplus lines insurance policy where Oregon is determined to be the home state as defined in ORS 735.405(8), and the requirements that an insured who obtains independently procured insurance must satisfy in connection with the reporting of a surplus lines insurance policy in section 5, chapter 660, Oregon Laws 2011 where Oregon is determined to be the home state.

(2) For each surplus lines insurance policy with coverage starting at any time beginning January 1, 2012 through December 31, 2016 where Oregon is determined to be the home state, each insured who obtains independently procured insurance must include in their written report filed with the Director of the Department of Consumer and Business Services the allocated premium, by coverage for Oregon and other applicable states in accordance with the filing instructions on the Surplus Line Association of Oregon Web site in addition to the filing requirements in section 5, chapter 660, Oregon Laws 2011. Notwithstanding the January 1, 2012 through December 31, 2016 time period referenced above, on or after January 1, 2015 the Director may determine that insureds no longer need to include this allocated premium information in their filed written report.

(3) For each surplus lines insurance policy with coverage starting at any time beginning January 1, 2012 through December 31, 2016 where Oregon is determined to be the home state, a surplus lines licensee must include in their statement filed with the Director the allocated premium, by coverage for Oregon and other applicable states in accordance with the filing instructions on the Surplus Line Association of Oregon Web site in addition to the filing requirements in ORS 735.425(1) and (2). Notwithstanding the January 1, 2012 through December 31, 2016 time period referenced above, on or after January 1, 2015 the Director may determine that surplus lines licensees no longer need to include this allocated premium information in their filed statement.

(4) The written report required in section 5, chapter 660, Oregon Laws 2011 and the statements required in ORS 735.425(1) must be filed with the Surplus Line Association of Oregon.

Or. Admin. Code § 836-071-0501

ID 21-2011, f. 12-16-11, cert. ef. 1-1-12

Stat. Auth.: ORS 731.244 & 735.425

Stats. Implemented: ORS 735.425 & OL 2011, Ch. 660 ¦ 5