ORS Chapter 734

Chapter 734 — Rehabilitation,Liquidation and Conservation of Insurers

2009 EDITION

REHABILITATION,LIQUIDATION & CONSERVATION

INSURANCE

GENERALPROVISIONS

734.014 Definitions

734.026 “Domiciliary,”“ancillary” and “reciprocal state” defined

734.043 Supervisionof insurer; order; consequences; insurer remedies

734.047 Timefor correction of condition leading to order of supervision

734.051 Actionsby director during period of supervision

734.055 Actionagainst person violating order of supervision

734.059 Requestfor court order

734.063 Courtorder; hearings; notice

734.067 Reviewof court order

734.110 Jurisdictionof delinquency proceedings; venue

734.120 Exclusiveremedy; appeal

734.130 Commencementof delinquency proceeding

734.140 Injunctions

734.142 Cooperationwith director in delinquency proceedings

734.144 Immunityof certain persons from civil liability

734.150 Groundsfor rehabilitation of domestic insurers

734.160 Orderof rehabilitation for domestic insurers

734.170 Groundsfor liquidation of domestic insurers

734.180 Orderof liquidation of domestic insurers

734.190 Groundsfor conservation of foreign and alien insurers

734.200 Conservationor ancillary receivership of foreign and alien insurers

734.210 Conductof delinquency proceedings for domestic insurers

734.220 Powersof director as receiver

734.230 Deputiesand assistants

734.240 Conductof delinquency proceedings for foreign insurers

734.250 Rightof domiciliary receiver to sue in this state

734.260 Claimsof nonresidents against domestic insurers

734.270 Claimsof residents against foreign insurers

734.280 Formof claim; notice; hearing

734.290 Priorityof preferred claims

734.300 Priorityof special deposit claims

734.310 Priorityof secured claims

734.320 Attachmentand garnishment of assets

734.340 Daterights fixed on liquidation

734.350 Voidabletransfers

734.360 Preferenceof claims

734.370 Offsets

734.380 Allowanceof certain claims

734.390 Timeto file claims

734.400 Reportfor assessment; domestic mutual and reciprocal insurers

734.410 Levyof assessment; domestic mutual and reciprocal insurers

734.420 Orderto pay assessment

734.430 Publicationand transmittal of assessment order

734.440 Judgmentupon assessment

OREGONINSURANCE GUARANTY ASSOCIATION

734.510 Definitionsfor ORS 734.510 to 734.710

734.520 Purpose

734.530 Construction

734.540 Application

734.550 OregonInsurance Guaranty Association; all insurers required to be members; formationof operating plan

734.555 Applicationto association of certain laws governing corporations; exception

734.560 Associationboard of directors; terms; vacancies; compensation and expenses; quorum

734.570 Requiredfunctions of association

734.575 Refundsfrom association deposited in General Fund

734.579 Recoupmentassessments; rules

734.580 Discretionaryfunctions of association

734.590 Planof operation; submission to director; rules

734.600 Contentsof plan of operation

734.610 Notificationto association of insurer insolvency; furnishing association with premiuminformation

734.620 Notificationof insolvency to insured persons; revocation of designation of servicingfacility

734.630 Assignmentof claim rights; filing statements of paid claims; effect of claim settlements

734.635 Disbursingassets of insolvent insurer to association; court approval; notice to otherstates

734.640 Claimpriority

734.650 Notifyingdirector of impaired insurers; examination; reports on impaired insurers

734.660 Regulationof association as insurer

734.670 Exemptionof association from payment of fees and taxes

734.690 Immunityfrom legal action

734.695 Liabilityof insured of insolvent insurer

734.700 Defenseof claims on default of insolvent insurer

734.710 Administrationof delinquency proceeding claims and expenses; application of ORS 734.014,734.026 and 734.110 to 734.440 to insurers

OREGONLIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

734.750 Shorttitle

734.760 Definitionsfor ORS 734.750 to 734.890

734.770 Purpose

734.780 Construction

734.790 Application

734.800 OregonLife and Health Insurance Guaranty Association; all insurers required to bemembers; required accounts

734.805 Associationboard of directors; terms; selection; vacancies; compensation and expenses

734.810 Dutiesand powers of association

734.815 Assessmentof members; classes of assessments; amounts; refunds

734.820 Planof operation; submission of amendments to director; rules; contents of plan

734.825 Powersand duties of director

734.830 Notifyingdirector of impaired insurers; examination; reports on impaired insurers

734.835 Assessmentsoffset against tax liabilities; rate

734.840 Conductof liquidation, rehabilitation or conservation proceeding involving impaired orinsolvent insurer

734.850 Examinationand regulation of association by director; required reports

734.860 Exemptionof association from payment of fees and taxes

734.870 Immunityfrom legal action

734.880 Stayof proceeding involving insolvent insurer

734.890 Associationnot to be used in sales or solicitation

734.010 [1967 c.359 §258;repealed by 1993 c.447 §122]

GENERALPROVISIONS

734.014Definitions.As used in this chapter:

(1)“Delinquency proceeding” means any proceeding commenced against an insurerpursuant to this chapter for the purpose of liquidating, rehabilitating orconserving the insurer.

(2)“Foreign country” means territory not in any state.

(3)“General assets” means all property, real, personal or otherwise, notspecifically mortgaged, pledged, deposited or otherwise encumbered for thesecurity or benefit of specified persons or a limited class or classes ofpersons. As to specifically encumbered property, “general assets” includes allsuch property or its proceeds in excess of the amount necessary to discharge thesum or sums secured thereby. Assets held in trust and assets held on depositfor the security or benefit of all policyholders or all policyholders andcreditors, in more than a single state, shall be treated as general assets.

(4)An insurer is “impaired” when its allowed assets do not exceed its liabilitiesplus its required capitalization.

(5)An insurer is “insolvent” when the insurer is unable to pay its obligationswhen they are due, or when its allowed assets do not exceed its liabilities.

(6)“Insurer” includes:

(a)All persons transacting or purporting to transact insurance as insurers in thisstate; and

(b)All persons in process of organization to become insurers.