(b) If the association fails to submit suitable amendments to the plan, the director shall, after notice and hearing, adopt and promulgate such reasonable rules as are necessary or advisable to implement the provisions of ORS 734.750 to 734.890. Such rules shall continue in force until modified by the director or superseded by amendments submitted by the association and approved by the director.
(2) All member insurers shall comply with the plan of operation.
(3) The plan of operation shall, in addition to requirements enumerated elsewhere in ORS 734.750 to 734.890:
(a) Establish procedures for handling the assets of the association.
(b) Establish the amount and method of reimbursing members of the board of directors.
(c) Establish regular places and times for meetings of the board of directors.
(d) Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors.
(e) Establish the procedures whereby selections for the board of directors will be made and submitted to the director.
(f) Establish any additional procedures for assessments under ORS 734.815.
(g) Contain additional provisions necessary or proper for the execution of the powers and duties of the association.
(h) Establish procedures for removing a member of the board of directors for cause, including removing a board member who represents a member insurer when the member insurer becomes either an impaired or insolvent insurer.
(i) Include a policy and procedures for addressing a conflict of interest.
(4) The plan of operation may provide that any or all powers and duties of the association, except those under ORS 734.810 (15)(c) and 734.815, may be delegated to a corporation, association or other organization which performs or will perform functions similar to those of the association, or its equivalent, in two or more states. Such corporation, association or organization shall be reimbursed for any payments made on behalf of the association and shall be paid for its performance of any function of the association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the director, and may be made only to a corporation, association or organization which extends protection not substantially less favorable and effective than that provided by ORS 734.750 to 734.890. [1975 c.251 §11; 1991 c.811 §6; 2011 c.142 §7]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 734 - Rehabilitation, Liquidation and Conservation of Insurers
Section 734.014 - Definitions.
Section 734.026 - "Domiciliary," "ancillary" and "reciprocal state" defined.
Section 734.043 - Supervision of insurer; order; consequences; insurer remedies.
Section 734.047 - Time for correction of condition leading to order of supervision.
Section 734.059 - Request for court order.
Section 734.063 - Court order; hearings; notice.
Section 734.067 - Review of court order.
Section 734.110 - Jurisdiction of delinquency proceedings; venue.
Section 734.113 - Application of Oregon Receivership Code.
Section 734.120 - Exclusive remedy; appeal.
Section 734.130 - Commencement of delinquency proceeding.
Section 734.140 - Injunctions.
Section 734.142 - Cooperation with director in delinquency proceedings.
Section 734.144 - Immunity of certain persons from civil liability.
Section 734.150 - Grounds for rehabilitation of domestic insurers.
Section 734.160 - Order of rehabilitation for domestic insurers.
Section 734.170 - Grounds for liquidation of domestic insurers.
Section 734.180 - Order of liquidation of domestic insurers.
Section 734.190 - Grounds for conservation of foreign and alien insurers.
Section 734.200 - Conservation or ancillary receivership of foreign and alien insurers.
Section 734.210 - Conduct of delinquency proceedings for domestic insurers.
Section 734.220 - Powers of director as receiver.
Section 734.240 - Conduct of delinquency proceedings for foreign insurers.
Section 734.260 - Claims of nonresidents against domestic insurers.
Section 734.270 - Claims of residents against foreign insurers.
Section 734.280 - Form of claim; notice; hearing.
Section 734.290 - Priority of preferred claims.
Section 734.350 - Voidable transfers.
Section 734.360 - Preference of claims.
Section 734.380 - Allowance of certain claims.
Section 734.390 - Time to file claims.
Section 734.400 - Report for assessment; domestic mutual and reciprocal insurers.
Section 734.410 - Levy of assessment; domestic mutual and reciprocal insurers.
Section 734.430 - Publication and transmittal of assessment order.
Section 734.440 - Judgment upon assessment.
Section 734.510 - Definitions for ORS 734.510 to 734.710.
Section 734.570 - Required functions of association.
Section 734.579 - Recoupment assessments; rules.
Section 734.580 - Discretionary functions of association.
Section 734.590 - Plan of operation; submission to director; rules.
Section 734.600 - Contents of plan of operation.
Section 734.640 - Claim priority.
Section 734.695 - Liability of insured of insolvent insurer.
Section 734.700 - Defense of claims on default of insolvent insurer.
Section 734.760 - Definitions for ORS 734.750 to 734.890.
Section 734.790 - Application.
Section 734.815 - Assessment of members; classes of assessments; amounts; refunds.
Section 734.820 - Plan of operation; submission of amendments to director; rules; contents of plan.
Section 734.825 - Powers and duties of director.
Section 734.835 - Assessments offset against tax liabilities; rate.