OAR 441-175-0185: Errors and Omissions Coverage under ORS 59.175

(1) Investment advisors and broker-dealers subject to ORS 59.175 must submit proof of insurance to the division as a condition of licensure and annual renewal. (2) Proof of insurance may be demonstrated by submitting to the division an attestation of compliance on a form approved by the Director and a policy declaration page or a certificate of liability coverage specifying errors and omissions coverage. (a) An attestation must include: (A) The name of the insurer; (B) The policy number; (C) Name of the insured licensee; and (D) Dates of the policy period. (b) The attestation of coverage shall include a statement that the policy has been in continuous effect and shall be signed by a person authorized by the licensee to make such an attestation. (c) For the purposes of compliance with ORS 59.175, a policy may not contain exclusions for investment management services performed in Oregon or for persons performing investment management services in Oregon. (d) The requirements for the insurance may be fulfilled by the policies of one or more insurance carriers which policies together meet such requirements. (3) For the purposes of this rule, policies written by admitted or authorized insurers, registered surplus lines insurers as defined in ORS 735.405 and registered risk retention and purchasing groups as defined in ORS 735.305, will satisfy the errors and omissions requirements of ORS 59.175.