Oregon Revised Statutes Chapter 734 § 734.540 — from the application of ORS 734.510 to 734.710 and that:
Oregon Revised Statutes Chapter 734 ·
Oregon Code § 734.540·Enacted ·Last updated March 01, 2026
Statute Text
from the application of ORS 734.510 to 734.710 and that:
(a) Involves
first-party and third-party coverage in a policy or endorsement;
(b) Is written on
a direct, admitted basis; and
(c) Covers losses
and loss mitigation that arise out of or are related to:
(A) A breach of
security, as defined in ORS 646A.602;
(B) An
unauthorized intrusion into a network or security system;
(C) Identity
theft;
(D) The presence,
and the effects or results, of a computer virus or ransomware;
(E) Cyber
extortion; or
(F) Risks and
exposures that are similar or related to the risks or exposures described in
subparagraphs (A) to (E) of this paragraph.
(6) Dividend
means any payment made to the stockholders of a controlled insurer, which
payment is directly related to ownership of the stock.
(7) Incident or
occurrence means:
(a) One
proximate, uninterrupted or continuing cause that results in an injury or
damage, even if:
(A) The damage or
injury consists of separable components or affects different items; and
(B) More than one
claim or claimant results from the cause.
(b) A single
cause or condition, exposure to which over a period of years results in
continuous, indivisible injury or damage.
(8) Insolvent
insurer means a member insurer:
(a) Authorized to
transact insurance in this state either at the time the policy was issued or at
the time of the occurrence giving rise to the unpaid claim;
(b) Against which
a final order of liquidation, with a finding of insolvency, has been entered by
a court of competent jurisdiction in the insurers domicile after September 9,
1971; and
(c) With respect
to which no order, judgment or finding relating to the insolvency of the
insurer, whether preliminary or temporary in nature or otherwise, has been
issued by a court of competent jurisdiction or by any insurance commissioner,
insurance department or similar official or body prior to September 9, 1971, or
which was in fact insolvent prior to September 9, 1971, and such de facto
insolvency was or should have been known by the chief insurance regulatory
official of the insurers domicile.
(9) Member
insurer means an insurer, including a reciprocal insurer, authorized to
transact insurance in this state that writes any kind of insurance to which ORS
Plain English Explanation
This Oregon statute addresses from the application of ORS 734.510 to 734.710 and that:. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 734.540
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses from the application of ORS 734.510 to 734.710 and that:. Read the full statute text above for details.
This page reflects the current text as of our last update. Always verify with the official Oregon legislature website for the most current version.
The formal citation is Oregon Code § 734.540. Use this format in legal documents and court filings.
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