Declaration of ineligibility of surplus lines insurer
(1) The Director of the Department of Consumer and Business Services may declare a surplus lines insurer described in ORS 735.415 (Qualifications for placement of coverage with nonadmitted insurer) (1) ineligible if the director has reason to believe that the surplus lines insurer:
(a) Is in unsound financial condition;
(b) Is no longer eligible under ORS 735.415 (Qualifications for placement of coverage with nonadmitted insurer);
(c) Has willfully violated the laws of this state; or
(d) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere.
(2) The director shall promptly mail notice of all such declarations to each surplus lines licensee. [1987 c.774 §121; 2001 c.191 §44d]
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