Filing and approval of policy forms
- • rules
(1) Except where otherwise provided by law, no basic policy form, or application form where written application is required and is to be made a part of the policy, or rider, indorsement or renewal certificate form shall be delivered or issued for delivery in this state until the form has been filed with and approved by the Director of the Department of Consumer and Business Services. This section does not apply to:
(a) Forms of unique character which are designed for and used with respect to insurance upon a particular risk or subject;
(b) Forms issued at the request of a particular life or health insurance policy owner or certificate holder and which relate to the manner of distribution of benefits or to the reservation of rights and benefits thereunder;
(c) Forms of group life or health insurance policies, or both, that have been agreed upon as a result of negotiations between the policyholder and the insurer; or
(d) Forms complying with specific requirements regarding delivery or issuance for delivery in this state established by the director by rule.
(2) The director shall within 30 days after the filing of any such form approve or disapprove the form. The director shall give written notice of such action to the insurer proposing to deliver such form and when a form is disapproved the notice shall show wherein such form does not comply with the law.
(3) The 30-day period referred to in subsection (2) of this section may be extended by the director for an additional period not to exceed 30 days if the director gives written notice within the first 30-day period to the insurer proposing to deliver the form that the director needs such additional time for the consideration of such form.
(4) The director may at any time request an insurer to furnish the director a copy of any form exempted under subsection (1) of this section. [Formerly 736.300 and then 743.006; 2001 c.943 §7]
Note: Sections 1, 3 and 4, chapter 544, Oregon Laws 2007, provide:
Sec. 1. (1) Notwithstanding any other provision of law, the Director of the Department of Consumer and Business Services by rule may specify categories of life insurance, annuities or disability insurance for which the director need not consider or review an individual policy form that an insurer has filed before approving the form for delivery or issuance for delivery in this state. Policy forms that the Interstate Insurance Product Regulation Commission has approved are subject to approval in the manner specified in this section if the director finds that the commission’s approval process, taken as a whole, gives policyholders substantially the same protection as or better protections than the approval process available under the laws of this state, when considered in light of:
(a) The product standards and review procedures the commission uses;
(b) The nature of the insurance product reviewed; and
(c) The consumer needs that the insurance product serves.
(2) Nothing in this section affects the director’s power to withdraw approval of any policy form under ORS 742.007 (Director's withdrawal of approval) or to regulate the marketing and use of any approved policy form under the laws of this state. [2007 c.544 §1]
Sec. 3. The Director of the Department of Consumer and Business Services shall report the director’s findings under section 1 of this 2007 Act to the Seventy-fifth Legislative Assembly by January 31, 2009, and to the Seventy-sixth Legislative Assembly by January 31, 2011, in the manner provided in ORS 192.245 (Form of report to legislature). In the report the director shall evaluate the extent to which the Interstate Insurance Product Regulation Commission approval process gives policyholders substantially the same protection as or better protection than would approval under the laws of this state. [2007 c.544 §3]
Sec. 4. Section 1 of this 2007 Act is repealed on January 2, 2012. [2007 c.544 §4]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information