(a) A reinsurance intermediary broker is a person who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without acting as a reinsurance intermediary manager on behalf of the insurer.
(b) A reinsurance intermediary manager is a person who has authority to bind a reinsurer or who manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an insurance producer for the reinsurer, regardless of the title or designation of the person.
(c) A reinsurance intermediary means a reinsurance intermediary broker or a reinsurance intermediary manager.
(d) "Business entity" has the meaning given that term in ORS 731.116.
(2) A person may act as a reinsurance intermediary broker in this state only as follows:
(a) The person maintains an office in this state either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation, and the person is a licensed insurance producer or reinsurance intermediary in this state; or
(b) The person maintains an office in another state either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation, and the person is a licensed insurance producer or reinsurance intermediary in this state or another state having laws substantially similar to ORS 744.800 to 744.818.
(3) A person may act as a reinsurance intermediary manager only as follows:
(a) A person may act as a reinsurance intermediary manager for a reinsurer domiciled in this state if the person is a licensed insurance producer or reinsurance intermediary in this state.
(b) A person may act as a reinsurance intermediary manager in this state if the person maintains an office in this state either directly or as a member or employee of a firm or association, or as an officer, director or employee of a corporation, if the person is a licensed insurance producer or reinsurance intermediary in this state.
(4) The Director of the Department of Consumer and Business Services may issue a reinsurance intermediary license to any person that has complied with the requirements of this section. A license issued to a firm or association authorizes all of the members of the firm or association and any designated employees of the firm or association to act as reinsurance intermediaries under the license. All such persons must be named in the license application and any supplements to the application. A license issued to a corporation authorizes all of the officers and any designated employees and directors of the corporation to act as reinsurance intermediaries on behalf of the corporation. All such persons must be named in the license application and any supplements to the application.
(5) The director shall issue a resident reinsurance intermediary license to a person if the person holds an insurance producer license issued under ORS 744.062 and indorsed with the designation of reinsurance intermediary.
(6) The director shall issue a nonresident reinsurance intermediary license to a person if:
(a) The person is currently licensed in the person’s home state as a resident reinsurance intermediary or insurance producer and is in good standing in the person’s home state;
(b) The person has submitted the proper request for a license and has paid the applicable fees;
(c) The person has submitted or transmitted to the director the license application that the person submitted to the person’s home state or, in lieu of that application, a completed application acceptable to the director; and
(d) The person’s home state awards nonresident reinsurance intermediary licenses to residents of this state on the same basis.
(7) The director may refuse to issue a reinsurance intermediary license if, in the director’s judgment:
(a) The application, anyone named in the application or any member, principal, officer, director or controlling person of the applicant is not trustworthy; or
(b) Any person described in paragraph (a) of this subsection has given cause for revocation or suspension of the license or has failed to comply with any requirement for issuance of the license.
(8) In order to obtain and maintain the indorsement of reinsurance intermediary manager, a resident reinsurance intermediary must satisfy the requirements of ORS 744.818 regarding errors and omissions insurance. [1993 c.447 §74; 2001 c.191 §41; 2003 c.364 §27]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Section 744.052 - Definitions for ORS 744.052 to 744.089.
Section 744.056 - Exemptions from insurance producer licensing requirements.
Section 744.058 - Written examination; fees; rules.
Section 744.059 - Qualifications for license; use of uniform application.
Section 744.061 - Banking institution as insurance producer.
Section 744.062 - Issuance of insurance producer license; rules.
Section 744.063 - Nonresident insurance producer license; fee.
Section 744.064 - Persons licensed elsewhere.
Section 744.067 - Exemptions from prelicensing education or examination requirement.
Section 744.068 - Required notifications; maintenance of usual and customary records; rules.
Section 744.073 - Temporary insurance producer license.
Section 744.076 - Payment of commission, service fee or brokerage.
Section 744.078 - Appointment of insurance producers; rules.
Section 744.079 - Termination of relationship with insurance producer.
Section 744.081 - Termination of appointment.
Section 744.083 - Trust account for premium funds; commingling; exceptions; rules.
Section 744.084 - Certificate of deposit in lieu of trust account; rules.
Section 744.089 - Report of administrative action taken against insurance producer.
Section 744.101 - Definitions.
Section 744.107 - Violations; revocation of authorization.
Section 744.300 - License and indorsement; managing general agent described.
Section 744.301 - Exemptions from license requirement.
Section 744.303 - Certificate of errors and omissions insurance; rules.
Section 744.306 - Contract between insurer and managing general agent.
Section 744.308 - Limitations on authority of insurer and managing general agent.
Section 744.318 - Definitions for ORS 744.318 to 744.384.
Section 744.321 - Life settlement providers.
Section 744.323 - Life settlement brokers.
Section 744.326 - License application; fee.
Section 744.328 - Issuance of license.
Section 744.331 - Expiration of license; rules for renewal.
Section 744.333 - Individual acting as provider under license of firm or corporation.
Section 744.338 - Suspension, revocation, refusal to issue or renew license.
Section 744.341 - Terms of contract.
Section 744.346 - Examination of business and practices of licensee or applicant; records.
Section 744.362 - Disclosure by insurance company to policy owner; rules.
Section 744.364 - Life settlement contract requirements.
Section 744.367 - Limitations on ability to enter life settlement contract; exceptions.
Section 744.369 - Unlawful life settlement contract actions.
Section 744.372 - Advertising of life settlement contracts; rules.
Section 744.382 - Prohibitions on finder’s fee, solicitations, discrimination.
Section 744.384 - Rules; standards.
Section 744.502 - Definitions.
Section 744.515 - Exemptions from adjuster licensing requirement.
Section 744.518 - License application; business entity as applicant; fees.
Section 744.525 - Resident adjuster qualifications; rules.
Section 744.528 - Nonresident adjuster qualifications; rules.
Section 744.531 - Classes of insurance for adjusters.
Section 744.538 - Change of circumstance of nonresident adjuster.
Section 744.555 - Temporary adjuster permit; rules.
Section 744.578 - Licensee’s place of business.
Section 744.581 - Notices required; rules.
Section 744.584 - Prohibited conduct; penalties and disciplinary action; hearings.
Section 744.602 - Definitions.
Section 744.605 - Insurance consultant’s license required.
Section 744.611 - License application; business entity as applicant; fees.
Section 744.619 - Qualifications for resident insurance consultant’s license; rules.
Section 744.621 - Qualifications for nonresident insurance consultant’s license; rules.
Section 744.626 - Classes of insurance for consultants.
Section 744.631 - Change of circumstance of nonresident insurance consultant.
Section 744.635 - Errors and omissions insurance; rules.
Section 744.638 - Licensee’s place of business.
Section 744.641 - Notices required; rules.
Section 744.644 - Prohibited conduct; penalties and disciplinary action; hearings.
Section 744.650 - Disclosure by insurance consultants; rules.
Section 744.700 - Definitions for ORS 744.700 to 744.740.
Section 744.704 - Exemptions from license requirement; rules.
Section 744.706 - Application for license.
Section 744.710 - Issuance or denial of license.
Section 744.712 - Expiration and renewal of license; rules for renewal.
Section 744.718 - Suspension, revocation or refusal of issuance or renewal of license.
Section 744.720 - Agreement between insurer and third party administrator.
Section 744.722 - Relationship of insurer and third party administrator regarding payments.
Section 744.724 - Books and records.
Section 744.726 - Errors and omissions insurance; rules.
Section 744.730 - Disposition of charges and premiums.
Section 744.732 - Contingent fee agreements.
Section 744.734 - Notice to insureds regarding third party administrator.
Section 744.738 - Annual report.
Section 744.740 - Responsibility of insurer using third party administrator.
Section 744.800 - Qualifications for reinsurance intermediary brokers and managers.
Section 744.806 - Records required to be kept by reinsurance intermediary brokers.
Section 744.812 - Prohibitions on actions of reinsurance intermediary managers.
Section 744.816 - Director access to books, accounts and records.
Section 744.818 - Errors and omissions insurance for reinsurance intermediary manager; rules.
Section 744.850 - Definitions for ORS 744.850 to 744.858.
Section 744.852 - Limited license for rental companies; application; rules.
Section 744.854 - Kinds of insurance authorized by limited license.
Section 744.856 - Conditions for offer or sale of insurance; training; filing officer.
Section 744.860 - Definitions for ORS 744.860 to 744.870.
Section 744.868 - License suspension and revocation or other penalty; rules.
Section 744.870 - Compensation, bonuses and incentives.
Section 744.991 - Criminal penalties; restitution.
Section 744.992 - Civil penalties; civil actions; rescission of life settlement contracts.