Department of Consumer and Business Services
Insurance Regulation - Chapter 836
Division 71
INSURANCE LICENSING
836-071-0315
Managing General Agents; Dollar Amounts Governing Settlement Authority Procedures Under Contract with Insurer
For the purpose of the requirement of the written contract between a managing general agent and an insurer established under ORS 744.306, if the contract permits the managing general agent to settle claims on behalf of the insurer:
(1) The amount established by the Director for purposes of ORS 744.306(4)(b)(A) is $10,000.
(2) The amount established by the Director for purposes of ORS 744.306(4)(c) is $10,000.
Statutory/Other Authority: ORS 731.244, 744.300, 744.306, 744.313 & 744.314
History:
ID 6-1992, f. & cert. ef. 3-26-92