75th OREGON LEGISLATIVE ASSEMBLY--2009 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 1768
 
                         House Bill 2370
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Consumer Protection)
 
 
                             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 as
introduced.
 
  Establishes requirements for insurers regarding valuation of
vehicle declared total loss.
 
                        A BILL FOR AN ACT
Relating to motor vehicle insurance policies.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2009 Act is added to and made
a part of the Insurance Code. + }
  SECTION 2.  { + When an insurer that issues motor vehicle
insurance policies in this state that provide collision or
comprehensive coverage declares a vehicle a total loss and offers
to make a cash settlement to an insured, the insurer shall make a
settlement offer based on the average retail value of
substantially similar vehicles, calculated by two or more
independent valuation services specified by the Director of the
Department of Consumer and Business Services by rule. The
valuation services shall provide standardized valuations by year,
make and model and allow for individual variation in terms of
mileage, equipment and condition for use by third parties. + }
  SECTION 3.  { + Section 2 of this 2009 Act applies to motor
vehicle insurance policies issued or renewed on or after the
effective date of this 2009 Act. + }
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