Or. Admin. Code § 836-071-0150 - Errors and Omissions Insurance; Insurance Consultants; Managing General Agents
(1) The amount
of insurance for which an insurance consultant must maintain a certificate of
errors and omissions insurance with the Director as required by ORS
744.635 is $500,000 claims made
or per occurrence.
(2) The amount
of insurance for which a managing general agent as described in ORS
744.300 must maintain a
certificate of errors and omissions insurance with the Director as required by
ORS 744.303is $500,000 claims made or per occurrence.
(3) A managing general agent or an insurance
consultant may obtain insurance required by ORS
744.303 or
744.635 from an insurer other
than an authorized insurer if the insurer does not control or is not controlled
by, or is not under common control with, the managing general agent or
insurance consultant, whether directly or indirectly through one or more
intermediaries, and if:
(a) The insurer is an
eligible surplus lines insurer pursuant to the requirements of ORS
735.400 to
735.495 and the insurance is
procured by a surplus lines licensee;
(b) The insurer is an authorized insurer in
the state of domicile of the insurance consultant or managing general agent for
whom the insurance is obtained; or the state of domicile of the applicant for
either such license; or
(c) The
insurance is procured from an Oregon surplus lines insurer that is eligible in
the state of domicile of the insurance consultant or managing general agent, or
applicant for either such license, if all requirements of this subsection are
satisfied. The insurance for purposes of this subsection must be confirmed by
the signature of an Oregon surplus lines licensee. The Oregon surplus lines
licensee must also affirm in writing that the Oregon surplus lines licensee
will be the agent for service of process for any action or proceeding involving
the insurance consultant or managing general agent and an Oregon
resident.
Notes
Stat. Auth.: ORS 731.244, 744.303, 744.635, 744.704, 744.706, 744.712 & 744.726
Stats. Implemented:
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