(1) If the chief insurance regulatory officials of two or more jurisdictions must approve a proposal to acquire control of an insurer, a person that files a statement with the Director of the Department of Consumer and Business Services under ORS § 732.523 may request a hearing on the acquisition in a single proceeding before all of the chief insurance regulatory officials who must approve the acquisition. The person that files the statement under ORS § 732.523 shall file a copy of the statement with the National Association of Insurance Commissioners within five days after filing the statement with the director.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) A chief insurance regulatory official of another state may decline to attend the hearing on the acquisition. If the regulatory official declines to attend, the official shall notify the person that filed the statement under ORS § 732.523 within 10 days after the date on which the official receives a copy of the statement.

(3) The proceeding described in subsection (1) of this section must be:

(a) Conducted as a public hearing before the chief insurance regulatory officials of the states in which the acquiring party and the insurer subject to the acquisition are domiciled; and

(b) Held in one of the states in which the acquiring party and the insurer subject to the acquisition are domiciled.

(4) A chief insurance regulatory official may attend the proceeding described in subsection (1) of this section in person or by telecommunication. [2013 c.370 § 4]