ORS 733.090 Unearned Premium Reserve and Fund For Title Insurance

• Library: Oregon Statutes
• Edition: 2023
• Currency: Current through legislation effective January 1, 2024
• Year: 2023
• Citation: ORS 733.090

(1) Each title insurer shall maintain a reserve for unearned premiums on its policies in force, which shall be charged as a liability in any determination of its financial condition. Such unearned premium liability shall be separate from and in addition to the insurer's liability for incurred but unpaid losses and loss expenses.

(2) The amount of the unearned premium reserve shall be determined according to accounting procedures approved or required by the Director of the Department of Consumer and Business Services.

(3) A separate and distinct fund, known as the Title Insurance Unearned Premium Reserve Fund, shall be maintained by each title insurer in its treasury, as additional security to holders of its title i...

Cite as ORS 733.090

History: 1967 c.359 §216; 1999 c.196 §10; 2001 c.318 §9

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