Or. Admin. Code § 836-071-0160 - Errors and Omissions Insurance; Reinsurance Intermediary Managers
(1) The amount of
insurance for which a reinsurance intermediary manager must maintain a
certificate of errors and omissions insurance with the Director as required by
ORS 744.818, is $500,000 claims made
or per occurrence.
(2) A
reinsurance intermediary manager may obtain insurance required by ORS
744.818, 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 reinsurance intermediary manager,
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 reinsurance intermediary manager for whom the
insurance is obtained; or the state of domicile of the applicant for the
license; or
(c) The insurance is
procured from an Oregon surplus lines insurer that is eligible in the state of
domicile of the reinsurance intermediary manager or applicant for the 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 reinsurance intermediary
manager and an Oregon resident.
Notes
Stat. Auth.: ORS 731.244
Stats. Implemented: ORS 744.818
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.