Any insurance policy that includes, either on an unspecified basis as to coverage or for a single premium, coverage against the peril of fire and substantial coverage against other perils need not comply with the provisions of ORS § 742.202 and 742.246, if such policy:

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(1) Affords coverage with respect to the peril of fire, not less than the substantial equivalent of the coverage afforded by the provisions of the standard fire insurance policy as required by ORS § 742.202;

(2) After a review under ORS § 742.005 by the Director of the Department of Consumer and Business Services, is found by the director not to violate ORS § 742.005 (2); and

(3) Is complete as to all its terms without reference to the standard fire insurance policy or any other policy. [Formerly 743.607; 2001 c.85 § 1]