OAR 836-071-0160: Errors and Omissions Insurance; Reinsurance Intermediary Managers

(1) The amount of insurance for which a reinsurance intermediary manager must maintain a certificate of errors and omissions insurance with the Director as required by ORS 744.818, is $500,000 claims made or per occurrence. (2) A reinsurance intermediary manager may obtain insurance required by ORS 744.818, from an insurer other than an authorized insurer if the insurer does not control or is not controlled by, or is not under common control with, the reinsurance intermediary manager, whether directly or indirectly through one or more intermediaries, and if: (a) The insurer is an eligible surplus lines insurer pursuant to the requirements of ORS 735.400 to 735.495 and the insurance is procured by a surplus lines licensee; (b) The insurer is an authorized insurer in the state of domicile of the reinsurance intermediary manager for whom the insurance is obtained; or the state of domicile of the applicant for the license; or (c) The insurance is procured from an Oregon surplus lines insurer that is eligible in the state of domicile of the reinsurance intermediary manager or applicant for the license, if all requirements of this subsection are satisfied. The insurance for purposes of this subsection must be confirmed by the signature of an Oregon surplus lines licensee. The Oregon surplus lines licensee must also affirm in writing that the Oregon surplus lines licensee will be the agent for service of process for any action or proceeding involving the reinsurance intermediary manager and an Oregon resident.