Oregon Revised Statutes Chapter 732 § 732.814 — Authority of director over controlling producer and controlled insurer

Authority of director over controlling producer and controlled insurer. (1) If the Director of the Department of Consumer and Business Services believes that the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or order issued thereunder, the director may order the controlling producer to cease placing insurance with the controlled insurer. (2) If the director finds that the controlled insurer or any policyholder of the controlled insurer has suffered any loss or damage because the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or issued thereunder, the director may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief. (3) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to ORS chapter 734 and the receiver appointed under that order believes that the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or order issued thereunder, and if the insurer suffered any loss or damage because of the noncompliance, the receiver may maintain a cause of action for recovery of damages or other appropriate sanctions for the benefit of the insurer. (4) This section does not affect the authority of the director to take any other administrative action under the Insurance Code. (5) This section does not alter or affect the rights of policyholders, claimants, creditors or other third parties. [1993 c.447 §62] Note: See note under 732.810. INTERSTATE INSURANCE PRODUCT REGULATION COMPACT