Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
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The civil penalty for individual insurance producers, adjusters or insurance consultants may not exceed $1,000 for each offense. Each violation is a separate offense.
Insurance companies in Oregon have at least 60 days to acknowledge a claim and decide whether or not to pay it. Oregon does not have a specific time frame in which the final payment must be made.
An insurance guaranty association is a state-sanctioned organization that protects policyholders and claimants in the event of an insurance company's impairment or insolvency.
The regulatory action level occurs if surplus falls below 150 percent of the RBC amount. The authorized control level occurs if surplus falls below 100 percent of the RBC amount.
When an insurer is given an order of liquidation, who will protect the insureds' unpaid claims? The Insurance Security Fund was created to provide insureds with protection against an insurer's liquidation.
In order to transact insurance within a given state, an insurer must obtain an insurer's license. This license is granted by the state insurance regulatory authority and authorizes the insurer to conduct insurance business within that particular state.
The spendthrift clause in a life insurance policy is designed to protect beneficiaries from their creditors by providing that the death benefits payable are not subject to creditor claims. This clause applies only while the insurer holds the money, and only to installment payments.
Renewable Term. Renewable term plans give you the right to renew for another period when a term ends, regardless of the state of your health. With each new term the premium is increased. The right to renew the policy without evidence of insurability is an important advantage to you.