Oregon Statutes 732.584 – Examinations; penalty; costs
(1)(a) In addition to other powers that the Director of the Department of Consumer and Business Services has under the Insurance Code to examine and investigate insurers, the director may also order any insurer registered under ORS § 732.517 to 732.596 to produce books, records, accounts, papers, documents and computer and other recordings the insurer or the insurer’s affiliates have that are necessary for the director to ascertain the insurer’s financial condition or to determine the insurer’s compliance with the Insurance Code. If the insurer fails to comply with the director’s order, the director may examine the affiliates to obtain the information the director requires.
Terms Used In Oregon Statutes 732.584
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(b) In examining the insurer’s financial condition, the director may determine the extent to which the person that controls the insurer, the insurance holding company system or an entity within the insurance holding company system may cause enterprise risk to the insurer.
(c) In determining compliance with the Insurance Code, the director may order an insurer that is registered under ORS § 732.517 to 732.596 to produce information the insurer does not possess but to which the insurer might have access by reason of a contractual relationship or a statutory obligation or by other means. If the insurer cannot obtain the information the director requires, the insurer shall provide the director with a detailed explanation of the reason the insurer cannot obtain the information and shall identify the person that possesses the information. If the director finds that the insurer’s explanation is without merit, the director may impose a civil penalty on the insurer under ORS § 731.988 or may suspend or revoke the insurer’s certificate of authority.
(2) ORS § 731.302 (2) applies to an examination the director conducts under subsection (1) of this section, and an insurer shall otherwise pay the costs of an examination of the insurer under this section as provided in ORS § 731.316. [1993 c.447 § 51; 2013 c.370 § 29]
[1983 c.498 § 17; repealed by 1993 c.447 § 122]