- • effect
- • requirements for issuing
- • penalties
(1)(a) The Director of the Department of Consumer and Business Services may issue an order with the effect described in paragraph (b) of this subsection if the director determines that an acquisition may substantially diminish competition in a line of insurance in this state or may tend to create a monopoly or if the director determines that a party to an acquisition has violated a provision of ORS 732.539 (Notification of acquisition). The director shall issue the order together with findings of fact and conclusions of law that support the order.
(b) An order issued under paragraph (a) of this subsection may:
(A) Require an insurer to cease and desist from transacting insurance in this state in the line of insurance the director identifies in the director’s determination under paragraph (a) of this subsection; or
(B) Deny an application from an insurer for a certificate of authority to transact insurance in this state.
(2) The director may not issue an order under subsection (1) of this section unless the director:
(a) Provides a hearing to the person that will be subject to the order;
(b) Notifies the person of the impending order and the hearing within 30 days after the date on which the person submitted the notice described in ORS 732.539 (Notification of acquisition) and not less than 15 days before the date of the hearing; and
(c) Completes the hearing and issues the order not later than 60 days after the date on which the person submitted the notice described in ORS 732.539 (Notification of acquisition).
(3) An order issued under subsection (1) of this section does not apply if an acquisition that is the subject of the order does not proceed.
(4) A person that violates an order issued under subsection (1) of this section may be subject to:
(a) A civil penalty under ORS 731.988 (Civil penalties); or
(b) A suspension or revocation of the person’s certificate of authority.
(5) Notwithstanding ORS 732.547 (Remedies for violation of ORS 732.517 to 732.546) (4), ORS 732.547 (Remedies for violation of ORS 732.517 to 732.546) (2) and (3) and 732.588 (Supervision, rehabilitation or liquidation) do not apply to an acquisition concerning which the director has issued an order under subsection (1) of this section. [2013 c.370 §8]
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.