74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
Enrolled
House Bill 2224
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)
CHAPTER ................
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 { + Section 1 of this 2007 Act is repealed on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. + }
Enrolled House Bill 2224 (HB 2224-A) Page 1
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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Passed by House April 10, 2007
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Chief Clerk of House
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Speaker of House
Passed by Senate June 5, 2007
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President of Senate
Enrolled House Bill 2224 (HB 2224-A) Page 2
Received by Governor:
......M.,............., 2007
Approved:
......M.,............., 2007
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Governor
Filed in Office of Secretary of State:
......M.,............., 2007
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Secretary of State
Enrolled House Bill 2224 (HB 2224-A) Page 3