Oregon Statutes 734.580 – Discretionary functions of association
The Oregon Insurance Guaranty Association may:
Terms Used In Oregon Statutes 734.580
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) With the approval of the Director of the Department of Consumer and Business Services, employ or retain such persons or designate such servicing facilities as are necessary to handle claims and perform the other duties of the association. Servicing facilities so designated may be foreign corporations or associations.
(2) Borrow funds necessary to carry out ORS § 734.510 to 734.710, in such manner as may be specified in the plan.
(3) Sue or be sued.
(4) Negotiate and become a party to such contracts as are necessary to carry out ORS § 734.510 to 734.710.
(5) At the end of any calendar year, refund to member insurers, in proportion to an insurer’s payments to the association, that amount by which the board of directors find that the funds of the association exceed its current claims and expenses plus the liabilities estimated for the coming year.
(6) Perform such other acts as are necessary or proper to carry out ORS § 734.510 to 734.710. [1971 c.616 § 9]