74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 579
 
                           A-Engrossed
 
                         House Bill 2224
                  Ordered by the House April 4
            Including House Amendments dated April 4
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor Theodore R.
  Kulongoski for Department of Consumer and Business Services)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
  Permits Director of Department of Consumer and Business
Services by rule to specify categories of insurance for which
director need not review individual policy forms if director
finds that Interstate Insurance Product Regulation Commission
 { - or similar multistate review - }   { + approval + } process
provides policyholders with same protections as or better
protections than does   { - review - }  { +  approval + } process
under state law.
   { +  Sunsets January 2, 2012.
  Requires director to report to Legislative Assembly on
specified dates to provide evaluation of approval process. + }
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to insurance policy forms; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  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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