An insurer shall not reduce or deny a policyholder dividend because of the policy-holder’s refusal to accept renewal of the policy or another policy from the same insurer. A reasonable change in the time schedule for computing or paying a policyholder dividend will not of itself be considered a reduction or denial of the dividend, or unfairly discriminatory, if:

1. (1) The change is applied uniformly to the policyholders in like circumstances; and
2. (2) The nature of the change is set forth in a dividend statement that was provided to the policyholder before the inception of the policy for which the change is made.

Statutory/Other Authority

ORS 731 & 746

Statutes/Other Implemented

ORS 746.015(1), 746.075, 746.160(3) & 746.240

History

IC 69, f. & ef. 7-20-76