Chapter 544
AN ACT
HB 2224
Relating to insurance policy forms; and declaring an emergency.
Be It Enacted by the People of
the State of
SECTION 1. (1) Notwithstanding any other provision of
law, the Director of the Department of Consumer and Business Services by rule
may specify categories of life insurance, annuities or disability insurance for
which the director need not consider or review an individual policy form that
an insurer has filed before approving the form for delivery or issuance for
delivery in this state. Policy forms that the Interstate Insurance Product
Regulation Commission has approved are subject to approval in the manner
specified in this section if the director finds that the commission’s approval
process, taken as a whole, gives policyholders substantially the same
protection as or better protections than the approval process available under
the laws of this state, when considered in light of:
(a) The product
standards and review procedures the commission uses;
(b) The nature of the
insurance product reviewed; and
(c) The consumer needs
that the insurance product serves.
(2) Nothing in this
section affects the director’s power to withdraw approval of any policy form
under ORS 742.007 or to regulate the marketing and use of any approved policy
form under the laws of this state.
SECTION 2. Section 1 of this 2007 Act applies to
insurance policy forms filed with the Director of the Department of Consumer
and Business Services on or after the effective date of this 2007 Act.
SECTION 3. The Director of the Department of Consumer
and Business Services shall report the director’s findings under section 1 of
this 2007 Act to the Seventy-fifth Legislative Assembly by January 31, 2009,
and to the Seventy-sixth Legislative Assembly by January 31, 2011, in the
manner provided in ORS 192.245. In the report the director shall evaluate the
extent to which the Interstate Insurance Product Regulation Commission approval
process gives policyholders substantially the same protection as or better
protection than would approval under the laws of this state.
SECTION 4. Section 1 of this 2007 Act is repealed on
January 2, 2012.
SECTION 5. This 2007 Act being necessary for the
immediate preservation of the public peace, health and safety, an emergency is
declared to exist, and this 2007 Act takes effect on its passage.
Approved by the Governor June 22, 2007
Filed in the office of Secretary of State June 27, 2007
Effective date June 22, 2007
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