Oregon Code § 733.060·Enacted ·Last updated March 01, 2026
Statute Text
Unearned premium reserve.
(1) Every insurer shall maintain an unearned premium reserve on all policies in
force.
(2) The Director
of the Department of Consumer and Business Services may require that such
reserves shall be equal to the unearned portions of the gross premiums in force
as calculated pro rata on each respective risk from the policys date of issue.
In the absence of such requirement, the unearned premium reserve shall be equal
to the pro rata unearned portions of the gross premiums in force as calculated
by an approximation method approved by the director. After adopting a method of
computing such reserves, an insurer shall not change methods without approval
of the insurance supervisory official of the insurers domicile.
(3) This section
does not apply to:
(a) Marine and
transportation insurance on trip risks not terminated.
(b) Health
insurance.
(c) Title
insurance.
(d) Home
protection insurance under policies issued by a home protection insurer.
(e) Life
insurance. [1967 c.359 §213; 1981 c.247 §9]