Chapter 45 Oregon Laws 2011

AN ACT

SB 674

Relating to examination of entities involved in insurance ratemaking; amending ORS 737.515.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 737.515 is amended to read:

737.515. (1) The Director of the Department of Consumer and Business Services shall make or cause to be made an examination[:]

[(a) At least once in five years, of each rating organization licensed in this state.]

[(b) As often as the director deems it expedient,] of each rating and advisory organization complying with and referred to in ORS 737.350 or 737.510 and of each organization referred to in ORS 737.390 as often as the director deems expedient.

(2) The reasonable costs of any such examination shall be paid by the organization examined, upon presentation to it of a detailed account of such costs. The officers, manager, agents and employees of any such organization may be examined at any time under oath and shall exhibit all books, records, accounts, documents or agreements governing its methods of operation.

(3) All such examinations shall be conducted as provided in ORS 731.300 to 731.316.

(4) In lieu of any such examination the director may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state.

Approved by the Governor May 16, 2011

Filed in the office of Secretary of State May 17, 2011

Effective date January 1, 2012

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