Oregon Statutes 743B.323 – Separate notice to policyholder required before cancellation of individual or group health insurance policy for nonpayment of premium; rules
(1) Before a health insurer selling an individual policy or group health benefit plan may cancel a policy for nonpayment of premium, the insurer must mail a separate notice to the policyholder informing the policyholder that the premium was not received and that the policy will be terminated as of the premium due date if the premium is not received by the end of the applicable grace period required by ORS § 743.417 and 743B.320.
Terms Used In Oregon Statutes 743B.323
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
(2) The notice described in subsection (1) of this section shall be in writing and mailed by first class mail to the last-known address of the policyholder at least:
(a) Ten days prior to the end of the grace period specified in ORS § 743.417 (1)(a) and 743B.320; or
(b) Fifteen days prior to the end of the grace period specified in ORS § 743.417 (1)(b).
(3) The Department of Consumer and Business Services may prescribe by rule the information that must be contained in the notice required by subsection (1) of this section. [Formerly 743.565; 2021 c.205 § 11]