(1)(a) The Director of the Department of Consumer and Business Services may establish or participate in a temporary or a permanent supervisory college for any domestic insurer that is:

(A) Registered under ORS § 732.551; and

(B) Part of an insurance holding company system that has international operations.

(b) The director may establish or participate in a supervisory college in order to:

(A) Ensure that the insurer complies with the Insurance Code;

(B) Assess the insurer’s:

(i) Financial, legal and regulatory position;

(ii) Risk exposure and risk management; or

(iii) Governance processes; or

(C) Examine an individual insurer under ORS § 732.584.

(c) The director may participate in a supervisory college with state, federal, international or other regulatory agencies that supervise the insurer or the insurer’s affiliates.

(2)(a) As part of the director’s establishment of or participation in a supervisory college, the director may:

(A) Specify criteria under which other regulatory agencies may become members of and participate in the supervisory college;

(B) Specify the functions of the supervisory college and the roles that other regulatory agencies will undertake in the supervisory college;

(C) Establish a leader among the regulatory agencies that participate in the supervisory college;

(D) Plan meetings and supervisory actions, specify processes for sharing information and otherwise coordinate the activities of the supervisory college;

(E) Draft a crisis management plan;

(F) Determine how long the director will participate in any supervisory college; and

(G) Take other actions that are necessary to participate in or facilitate a supervisory college’s operations.

(b) The director may enter into agreements with other regulatory agencies under ORS § 705.137 for any of the purposes identified in paragraph (a) of this subsection.

(3) An insurer that is registered under ORS § 732.517 to 732.596 is liable to and shall pay to the director a reasonable amount that is equal to the expenses, including reasonable travel expenses, that the director incurs as a result of the director’s participation in a supervisory college under this section. The director may assess the insurer regularly in order to pay the expenses.

(4) This section does not delegate to a supervisory college the director’s authority within this state to regulate or supervise an insurer or the insurer’s affiliates. [2013 c.370 § 11]