(1) Except where inconsistent with the express provisions of the Insurance Code, ORS Chapter 60, shall, to the extent applicable, govern the powers, duties and relationships of domestic insurers.

Terms Used In Oregon Statutes 732.005

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

(2) The following sections in ORS Chapter 60 do not apply to insurers: ORS § 60.004, 60.007 to 60.014, 60.016, 60.017 to 60.024, 60.031, 60.044, 60.051 to 60.057, 60.094 to 60.101, 60.311, 60.470 to 60.534, 60.701 to 60.717, 60.734 to 60.744, 60.787, 60.954, 60.957 to 60.967 and 60.992.

(3) ORS § 60.224, 60.774 (2)(c) and 60.777 (4) do not apply to insurers without capital stock.

(4) The enumeration in subsections (2) and (3) of this section of inapplicable sections in ORS Chapter 60 is not exclusive or a limitation upon subsection (1) of this section.

(5) To the extent applicable and not inconsistent with subsections (1) to (4) of this section, ORS Chapter 60 shall apply to insurers without capital stock as well as to insurers with capital stock. Where applicable to insurers without capital stock, references in ORS Chapter 60 to ‘shareholders’ shall be deemed references to ‘policyholders’ or ‘subscribers’ as the case may be.

(6) In applying ORS Chapter 60 as provided in this section, unless the context requires otherwise:

(a) ‘Office of Secretary of State’ or ‘office’ means the Department of Consumer and Business Services.

(b) ‘Secretary of State’ means the Director of the Department of Consumer and Business Services.

(c) ‘Corporation’ and ‘domestic corporation‘ mean a domestic insurer. [1967 c.359 § 146; 1985 c.728 § 108; 1987 c.846 § 1; 2001 c.352 § 7; 2003 c.14 § 446]

 

[Repealed by 1967 c.359 § 704]

 

ORGANIZATION

 

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