Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 71 - INSURANCE LICENSING
Section 836-071-0297 - Permitted Transaction of Insurance by Unappointed Insurance Producer
Universal Citation: OR Admin Rules 836-071-0297
Current through Register Vol. 63, No. 9, September 1, 2024
(1) When an insurance producer does not hold an appointment with an insurer, the insurance producer may transact casualty insurance, property insurance or both by placing the insurance with the insurer through a firm or corporate insurance producer appointed by the insurer and:
(a) The
appointed insurance producer has a contract with the unappointed insurance
producer that specifies the binding authority, if any, and fiduciary
responsibility of the unappointed insurance producer, including ownership and
payment of the premiums, but does not authorize the unappointed insurance
producer to act in the name of the appointed insurance producer; and
(b) The appointed insurance producer obtains
at least 90 percent of its premium under contractual agreement with unappointed
insurance producers that are not affiliated with the firm or corporate
insurance producer.
(2) This rule does not apply to the transaction of insurance by an individual insurance producer affiliated with a firm or corporate insurance producer as provided in OAR 836-071-0295.
Stat. Auth.: ORS 731.244 & 744
Stats. Implemented:
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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