Director’s withdrawal of approval
(1) The Director of the Department of Consumer and Business Services may, at any time after a hearing held not less than 20 days after written notice to the insurer, withdraw the director’s approval of any form on any ground set forth in ORS 742.005 (Grounds for disapproval of policy forms). The written notice of such hearing shall state the reason for the proposed withdrawal.
(2) When the director notifies an insurer of a hearing on a form under subsection (1) of this section, if the director in the director’s own discretion determines that the public may suffer serious injury because of continued use of the form, the director also may order the insurer to suspend delivery of the form in this state until the director has decided whether to withdraw approval of the form.
(3) No insurer shall deliver in this state:
(a) A form subject to an order of suspension under subsection (2) of this section, after the effective date of the order and until the director withdraws the order.
(b) A form for which the director has withdrawn approval, after the effective date of such withdrawal. The effective date of withdrawal shall be as the director may prescribe but not less than 30 days after the giving of notice of withdrawal. [Formerly 743.012]
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