Oregon Statutes 732.175 – Liability for acting as corporate insurer without authority
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Any person who assumes to act as a corporate insurer without a permit to organize and without the issuance of a certificate of incorporation by the Director of the Department of Consumer and Business Services or who assumes to transact insurance business without a certificate of authority to transact such business issued by the director shall be jointly and severally liable for all liabilities created while so acting. [1967 c.359 § 163; 1981 c.633 § 80; 1987 c.846 § 5]
Terms Used In Oregon Statutes 732.175
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
CORPORATE PROCEDURES GENERALLY