Oregon Updates Rule on Industry Assessments

Oregon has updated its administrative rules relating to assessments against insurers to fund regulatory functions.

The rulemaking, OAR 836-009-0011, implements recently enacted legislation (ch. 560 Oregon Laws 2007, Enrolled HB 3484) amending ORS 731.804, and authorizes the Department of Business and Consumer Services to assess a premium on Oregon insurance policies to fund DCBS’s regulatory functions under the Insurance Code. The amendment eliminates the exemption from assessment that has applied to annuity premium.

This rulemaking makes a conforming change to the Insurance Division’s rule that implements the assessment authority and took effect on Sept. 14. For more details on the rule, visit www.insurance.oregon.gov/rules/attachments/recently%20proposed/id06-2007_rule.pdf

Source: DCBS