74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
HA to HB 2224
 
LC 579/HB 2224-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2224
 
               By COMMITTEE ON CONSUMER PROTECTION
 
                             April 4
 
  On page 1 of the printed bill, line 2, delete 'creating new
provisions; amending ORS 742.003;'.
  Delete lines 5 through 28 and delete page 2 and insert:
  '  { +  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. + } ' .
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