OAR 812-003-0230: Effective and Cancellation Dates of the Insurance

(1) For purposes of licensing, the effective date of the insurance required under ORS 701.073, 701.081 and 701.084 is the date on which the licensee has first met all requirements for licensing, renewal or reissue as determined by the agency. (2) The insurance described in section (1) of this rule shall remain in effect until the license is suspended, terminated, revoked, expired, lapsed, or inactive, or until the insurance expires or a cancellation notice is provided by the insurer. (3) Immediately upon cancellation or expiration of the insurance described in section (1) of this rule, the agency may send an emergency suspension notice to the contractor as provided for in ORS 701.098(4)(a)(B), informing the contractor that the license has been suspended.