Oregon Statutes 742.554 – Disclosures required by insurer to motor vehicle owner when insurer declares vehicle total loss
When an insurer declares a motor vehicle a total loss and offers to make a cash settlement to an insured or third-party owner of the motor vehicle, the insurer shall provide the insured or third-party owner:
Terms Used In Oregon Statutes 742.554
- Appraisal: A determination of property value.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Any valuation or appraisal reports relied upon by the insurer to determine value; and
(2) A written statement in a form provided by the Director of the Department of Consumer and Business Services that includes:
(a) Information about total loss, vehicle valuation and the duties of the insurer; and
(b) The manner in which and under what circumstances the insured may contact the Division of Financial Regulation of the Department of Consumer and Business Services. [2009 c.65 § 2; 2017 c.17 § 55]
742.554 and 742.558 were added to and made a part of the Insurance Code by legislative action but were not added to ORS Chapter 742 or any series therein. See Preface to Oregon Revised Statutes for further explanation.