Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 60 - INSURANCE POLICIES (ORS CHAPTER 743)
Section 836-060-0055 - Prohibited Transactions
Universal Citation: OR Admin Rules 836-060-0055
Current through Register Vol. 63, No. 9, September 1, 2024
The following insurer practices in connection with the sale or placement of credit insurance, or as an inducement thereto, constitute unfair methods of competition under ORS 746.160 or unfair or deceptive practices injurious to the insurance-buying public under ORS 746.240:
(1) Practices in connection with the creditor:
(a) The offer or grant by an insurer
to a creditor of any special advantage or any service not set out in either the
group insurance contract or in the agency contract.
(b) Agreement by an insurer to deposit with a
bank or other financial institution money or securities of the insurer, with
the design or intent that this deposit shall affect or take the place of a
deposit of money or securities which otherwise would be required of the
creditor by the bank or the other financial institution as a compensating
balance or offsetting deposit for a loan or other advancement.
(c) Deposit by an insurer of money or
securities with a creditor, bank or other financial institution without
interest or at lesser rate of interest than is currently being paid to other
depositors of like amounts. This subsection shall not be construed to prohibit
the maintenance by an insurer of those demand deposits or premium deposit
accounts as are reasonably necessary for use in the ordinary course of the
insurer's business.
(2) Placement of insurance on an account by automatic deduction of premium payments without a signed consent by the insured authorizing such deduction for payments.
Stat. Auth.: ORS 731.244
Stats. Implemented: ORS 746.160 & 746.240
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