(b) An order issued under paragraph (a) of this subsection may:
(A) Require an insurer to cease and desist from transacting insurance in this state in the line of insurance the director identifies in the director’s determination under paragraph (a) of this subsection; or
(B) Deny an application from an insurer for a certificate of authority to transact insurance in this state.
(2) The director may not issue an order under subsection (1) of this section unless the director:
(a) Provides a hearing to the person that will be subject to the order;
(b) Notifies the person of the impending order and the hearing within 30 days after the date on which the person submitted the notice described in ORS 732.539 and not less than 15 days before the date of the hearing; and
(c) Completes the hearing and issues the order not later than 60 days after the date on which the person submitted the notice described in ORS 732.539.
(3) An order issued under subsection (1) of this section does not apply if an acquisition that is the subject of the order does not proceed.
(4) A person that violates an order issued under subsection (1) of this section may be subject to:
(a) A civil penalty under ORS 731.988; or
(b) A suspension or revocation of the person’s certificate of authority.
(5) Notwithstanding ORS 732.547 (4), ORS 732.547 (2) and (3) and 732.588 do not apply to an acquisition concerning which the director has issued an order under subsection (1) of this section. [2013 c.370 §8]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Section 732.005 - Application of private corporation law; definitions.
Section 732.025 - Application for permit to organize stock insurer; rules.
Section 732.035 - Application for permit to organize insurer without capital stock.
Section 732.055 - Approval or disapproval of application for permit.
Section 732.095 - Articles of incorporation.
Section 732.105 - Filing articles of incorporation and surety bond, letter of credit or deposit.
Section 732.205 - General powers of insurers.
Section 732.220 - Exclusive agency contracts.
Section 732.225 - Impairment of required capitalization prohibited; rules.
Section 732.230 - Order to cure impairment; confidentiality of order.
Section 732.235 - Voluntary dissolution of insurer.
Section 732.240 - Trusts of life insurance proceeds.
Section 732.245 - Home office; records, assets; unlawful removal; rules.
Section 732.250 - Continuity of management in event of national emergency.
Section 732.320 - Supporting documents for expenditures.
Section 732.415 - Stock insurer’s proxies; regulation by director; rules.
Section 732.420 - "Equity security" defined; rules.
Section 732.425 - Application of insider trading regulation.
Section 732.435 - Suit to recover insider profits; exempted transactions; rules.
Section 732.440 - Prohibited sales of securities.
Section 732.445 - Establishing or maintaining primary or secondary market in securities; rules.
Section 732.465 - Members of domestic mutual insurers.
Section 732.470 - Voting rights of members of mutual insurer.
Section 732.475 - Members’ meetings and procedures of domestic mutual and reciprocal insurers.
Section 732.518 - Definitions for ORS 732.517 to 732.546.
Section 732.526 - Hearing on proposed activity; notice.
Section 732.528 - Approval of proposed activity; grounds for refusing approval.
Section 732.529 - Procedures following approval by director of proposed activity.
Section 732.531 - Acquisition of assets or insurance of mutual or reciprocal insurers.
Section 732.536 - Compliance with foreign or alien laws.
Section 732.538 - Effect of merger or consolidation.
Section 732.544 - Director’s order; effect; requirements for issuing; penalties.
Section 732.547 - Remedies for violation of ORS 732.517 to 732.546.
Section 732.548 - Definitions for ORS 732.517 to 732.596.
Section 732.549 - Subsidiaries.
Section 732.551 - Registration of insurer members of holding company systems.
Section 732.552 - Registration statement; form; contents.
Section 732.566 - Exemption from ORS 732.517 to 732.596 by director.
Section 732.574 - Standards for transactions within holding company; notice.
Section 732.576 - Dividends and distributions.
Section 732.584 - Examinations; penalty; costs.
Section 732.586 - Confidentiality of information; permitted disclosures.
Section 732.588 - Supervision, rehabilitation or liquidation.
Section 732.600 - Definitions for ORS 732.600 to 732.630.
Section 732.602 - Intent of ORS 732.600 to 732.630.
Section 732.604 - Permissible actions of domestic mutual insurer; rules.
Section 732.608 - Waiver of requirements of ORS 732.606.
Section 732.610 - Contents of plan.
Section 732.611 - Eligible member of domestic mutual insurer or mutual holding company; record date.
Section 732.614 - Effect of conversion.
Section 732.616 - Reorganization involving organization of stock holding company; subsidiaries.
Section 732.618 - Reorganization involving organization of mutual holding company; subsidiaries.
Section 732.622 - Restructuring of mutual holding company.
Section 732.626 - Plan review and approval; general provisions.
Section 732.650 - Definitions.
Section 732.653 - Scope; requirements and guidance.
Section 732.656 - Risk management framework.
Section 732.659 - Own risk and solvency assessment in accordance with manual.
Section 732.662 - Own risk and solvency summary report; attestation.
Section 732.666 - Exemptions; director’s requirements.
Section 732.669 - Documentation and supporting information; director’s review.
Section 732.686 - Maintenance of confidentiality and privilege; permitted disclosures; waivers.
Section 732.810 - Definitions for ORS 732.810 to 732.814.
Section 732.811 - Application of ORS 732.810 to 732.814.
Section 732.812 - Filing of financial statements; contract requirements; audit; reports to director.
Section 732.813 - Notice to prospective insured.
Section 732.814 - Authority of director over controlling producer and controlled insurer.
Section 732.820 - Interstate Insurance Product Regulation Compact.
Section 732.825 - State member of Interstate Insurance Product Regulation Commission.