Oregon Statutes 735.015 – Purpose
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The purpose of ORS § 735.005 to 735.145 is:
Terms Used In Oregon Statutes 735.015
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(1) To assure stability in the property insurance market for certain property located in this state.
(2) To assure the availability of essential property insurance to the owners of insurable property.
(3) To encourage maximum use, in obtaining essential property insurance, of the normal insurance market provided by authorized insurers.
(4) To provide for the equitable distribution among authorized insurers of the responsibility for insuring certain insurable property for which essential property insurance cannot be obtained through the normal insurance market by the establishment of the Oregon FAIR Plan Association. [1971 c.321 § 2]