Oregon Surplus Lines study guide
Oregon Surplus Lines · Work through your exam, one topic at a time.
Oregon's surplus lines line of authority lets a licensed producer place coverage with nonadmitted insurers when the admitted market cannot or will not write the risk. It is not a stand-alone license: it attaches to an existing Oregon producer license and is used mainly by commercial property and casualty producers handling hard-to-place accounts - coastal property, high-hazard occupancies, unusual liability exposures, or new products with no admitted appetite yet. The Oregon Surplus Lines study guide has 8 sections and about 1,947 words.
01Oregon Insurance Law and Regulatory Framework
Oregon insurance law is mainly in ORS Chapters 731–752. The Director of the Department of Consumer and Business Services (DCBS) administers the Insurance Code, with the Division of Financial Regulation handling licensing, rate and form review, financial surveillance, and market conduct.
259 words, about 1 min02Producer Licensing, Appointment, and the Surplus Lines Authority
Oregon producer licensing is under ORS Chapter 744. A producer must hold a license with the proper line of authority; surplus lines placements require surplus lines authority in addition to property and casualty knowledge.
280 words, about 1 min03Surplus Lines Placement: Diligent Search, Eligible Risk, and Eligible Insurers
Oregon requires a documented search of authorized insurers before a surplus lines placement. The file should show the risk, coverages sought, dates, insurers contacted, and declinations.
251 words, about 1 min04Export List and Exempt Commercial Coverages
Oregon uses an export list, maintained through OSLA, of classes that may be placed without individual declinations. Exempt commercial coverages serve larger commercial insureds and also reduce declination paperwork.
236 words, about 1 min05Premium Tax, Stamping Office, and Filing Requirements
Oregon surplus lines premium tax is collected from the insured and remitted through the Oregon Surplus Lines Association (OSLA), the stamping office. OSLA reviews filings, stamps transactions, collects tax, and remits it to DCBS.
245 words, about 1 min06Policy and Transaction Recordkeeping
Keep the entire surplus lines file: diligent search evidence, declinations, insurer eligibility information, the policy and endorsements, the signed disclosure, premium and tax calculations, OSLA filings, and correspondence. Records must be retrievable and available to the Director on examination.
233 words, about 1 min07Disclosures to the Insured
Before placing surplus lines insurance, the producer must give the insured a written notice that the insurer is not admitted in Oregon, is not protected by the Oregon Insurance Guaranty Association, and is not subject to Oregon rate and form approval. The notice should identify the insurer and be signed or acknowledged by the insured.
228 words, about 1 min08Unauthorized Insurance, Prohibited Acts, Enforcement, and Ethics
Oregon prohibits transacting insurance for an unauthorized insurer except under the surplus lines law. Prohibited conduct includes soliciting, negotiating, or effecting unauthorized insurance, acting as an agent for an unauthorized insurer, aiding another person’s unauthorized transaction, and misrepresenting admitted status.
215 words, about 1 min