Oregon Statutes 731.492 – Required notification to claimant upon insurers payment to settle third-party liability claim; required contents of notification
(1)(a) An insurer shall notify a claimant in writing at the time the insurer pays $5,000 or more to settle a third-party liability claim if:
Terms Used In Oregon Statutes 731.492
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(A) The claimant is a natural person;
(B) The insurer or an agent or other representative of the insurer, including the insurer’s attorney, delivers the payment to the claimant or to the claimant’s attorney, agent or other representative by draft, check or other form of payment; and
(C) The claimant or the claimant’s attorney has provided contact information or a mailing address to the insurer.
(b) An insurer may comply with paragraph (a) of this subsection by sending to the claimant a copy of the cover letter that accompanies the insurer’s settlement payment to the claimant’s attorney. Any notice to the claimant other than a copy of the cover letter may not include more than:
(A) A statement that the insurer has paid a settlement;
(B) The amount of the settlement;
(C) The date on which the insurer paid the settlement;
(D) The insurer’s name; and
(E) Any identifying number for the claim.
(2) Subsection (1) of this section does not:
(a) Create a cause of action against an insurer for the insurer’s failure to provide the notice described in subsection (1) of this section; or
(b) Create for the claimant’s attorney a defense to any cause of action based on an insurer’s failure to provide the notice described in subsection (1) of this section.
(3) Subsection (1) of this section authorizes an insurer or the insurer’s attorney to communicate with the claimant for the purpose of delivering the notice described in subsection (1) of this section even if the insurer or the insurer’s attorney knows that the claimant is represented by an attorney.
(4) This section does not invalidate or otherwise affect a settlement for which an insurer made a payment. [2021 c.140 § 2]
731.492 was added to and made a part of the Insurance Code by legislative action but was not added to ORS Chapter 731 or any series therein. See Preface to Oregon Revised Statutes for further explanation.
[1987 c.774 § 53; repealed by 1997 c.131 § 1]
[1987 c.774 § 54; repealed by 1997 c.131 § 1]
[1987 c.774 § 58; repealed by 1997 c.131 § 1]
[1987 c.774 § 59; repealed by 1997 c.131 § 1]
LIMIT OF RISK; REINSURANCE