Current through Register Vol. 63, No. 9, September 1, 2024
For the purpose of ORS
744.062, the Director
establishes the following classifications for limited class insurance licenses,
for use on and after July 1, 2005:
(1) Under a "limited class credit insurance"
license, the licensee may transact the following classes of insurance when the
insurance is offered in connection with an extension of credit that is limited
to partially or wholly extinguishing that credit obligation:
(a) Credit life insurance. Under this class,
an insurance producer may transact credit life insurance as approved under ORS
743.371(1).
(b) Credit health insurance. Under
this class an insurance producer may transact credit health insurance as
approved under ORS 743.371(2).
(c) Credit unemployment and
involuntary unemployment insurance. Under this class an insurance producer may
transact approved liability coverage for unemployment.
(d) Credit property insurance. Under this
class, an insurance producer may transact insurance against property loss or
damage that may result in failure of debtors to pay their obligations to the
insured, including but not limited to motor vehicle physical damage insurance.
This class does not include mortgage insurance.
(e) Mortgage guarantee insurance. Under this
class, an insurance producer may transact only the insurance that is issued by
an authorized mortgage insurer under ORS
742.282 to
742.286.
(f) Mortgage life or disability insurance, or
mortgage life and disability insurance. Under this class, a lending institution
may transact mortgage cancellation insurance as approved under ORS
743.303(1)(b) and
(5).
(g) Gap insurance. This class applies to a
person described in ORS
731.036(9) who
does not qualify for the exemption in 731.036(9) because the person imposes an
additional charge to waive the amount described in 731.036(9)(b) pursuant to an
agreement to lease or to finance the purchase of a motor vehicle.
(2) Under a "limited class
insurance" license, the licensee may transact the following classes of
insurance:
(a) Crop insurance. Under this
class, an insurance producer may place insurance providing protection against
damage to crops from unfavorable weather conditions, fire or lightning, flood,
hail, insect infestation, disease or other yield-reducing conditions or perils
provided by the private insurance market, or that is subsidized by the Federal
Crop Insurance Corporation, including multi-peril crop insurance.
(b) Surety insurance. Under this class an
insurance producer may place insurance or a bond that covers obligations to pay
the debts of, or answer for the default of another, including faithlessness in
a position of public or private trust as approved under ORS
742.350 to
742.376. For the purpose of this
limited line license, surety does not include surety bail bonds.
(c) Mechanical breakdown insurance. Under
this class an insurance producer may place insurance that provides repair or
replacement service, or indemnification for repair or replacement service, for
operational or structural failure of property due to defects in materials or
workmanship or normal wear and tear, including but not limited to motor
vehicles, mobile equipment, boats, appliances and electronics.
(3) Travel insurance. Under this
class as defined in ORS
744.101, a limited travel
insurance producer and any travel retailer offering travel insurance on behalf
of and at the direction of a limited travel insurance producer shall comply
with the requirements set forth in OAR
836-071-0450.
(4) For the purpose of making the transition
to a mechanical breakdown insurance limited class insurance license under
section (2) of this rule rather than as a limited class credit insurance
license under section (1) of this rule, the change shall apply to renewals of
limited class credit insurance licenses applied for on or after January 1,
2013. A licensee transacting mechanical breakdown insurance under a limited
class credit insurance license may continue to do so until the first renewal of
the limited class credit license after January 1, 2013.
Stat. Auth.: ORS
731.244,
744.062,
744.104,
744.111
Stats. Implemented: ORS
744.062,
744.101,
744.104,
744.111
