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.