Bill Text: OR SB674 | 2011 | Regular Session | Enrolled

Oregon Senate Bill 674 (Prior Session Legislation)

Bill Title: Relating to examination of entities involved in insurance ratemaking.

Spectrum: Committee Bill

Status: (Passed) 2011-05-16 - Effective date, January 1, 2012. [SB674 Detail]

Download: Oregon-2011-SB674-Enrolled.html



     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

                            Enrolled

                         Senate Bill 674

Sponsored by COMMITTEE ON BUSINESS, TRANSPORTATION AND ECONOMIC
  DEVELOPMENT (at the request of The Surety and Fidelity
  Association of America)

                     CHAPTER ................

                             AN ACT

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.
                         ----------

Enrolled Senate Bill 674 (SB 674-INTRO)                    Page 1

Passed by Senate March 23, 2011

    .............................................................
                               Robert Taylor, Secretary of Senate

    .............................................................
                              Peter Courtney, President of Senate

Passed by House May 3, 2011

    .............................................................
                                    Bruce Hanna, Speaker of House

    .............................................................
                                   Arnie Roblan, Speaker of House

Enrolled Senate Bill 674 (SB 674-INTRO)                    Page 2

Received by Governor:

......M.,............., 2011

Approved:

......M.,............., 2011

    .............................................................
                                         John Kitzhaber, Governor

Filed in Office of Secretary of State:

......M.,............., 2011

    .............................................................
                                   Kate Brown, Secretary of State

Enrolled Senate Bill 674 (SB 674-INTRO)                    Page 3