For the purpose of the requirement of the written contract between a managing general agent and an insurer established under ORS 744.306, if the contract permits the managing general agent to settle claims on behalf of the insurer:

1. (1) The amount established by the Director for purposes of ORS 744.306(4)(b)(A) is $10,000.
2. (2) The amount established by the Director for purposes of ORS 744.306(4)(c) is $10,000.

Statutory/Other Authority

ORS 731.244, 744.300, 744.306, 744.313 & 744.314

History

ID 6-1992, f. & cert. ef. 3-26-92