Oregon Insurance

Governor Ted Kulongoski of Oregon has recently signed several documents of major importance for damage / accident insurance legislation, including measures for managing credit reports, taxes, auto insurance and environmental responsibility. Legislative power 27 August 2003 session ended.

“Insurance companies and consumers are fortunate that the heavy legislative proposals have been withdrawn or dismissed,” said Sorich Saturday, Vice President and Regional Director West of the National Association of Independent Insurers (NAII). “Many of these proposals have limited market competition in Oregon, less choice and higher prices for consumers. ”

Credit
Last year, the Oregon Insurance Division has adopted rules for insurers’ use of information from credit institutions, which met in June 2003. Dépit rules, the legislator gave a credit to subjects hotter during the 2003 session. The bill, finally, by the legislature to identify and signed, is more restrictive than the National insurance, Legislator (NCOIL) model action, but that insurers allowed to use the credit rate history and sign it. In particular, SB 260 imposes restrictions on the use of credit information on the new rate strategies, has been extended.

“The final version of the bill until it is not yet perfect, it is far from being as restrictive and that extreme ban on the insurer of origin” of credit, “said Sorich. Initially, SB 260 would have prohibited insurance airline information with credit underwriting and rating policy for the car and the two owners of insurance policies.

Environmental Responsibility
SB 297 extends the coverage of the liability measures coverage of claims relating to the environment. The bill has two components: an insurer that imposes liability insurance to insurance for the payment of insurance claims ecological, even if other insurance may provide coverage claims the same, and it is also a procedure determination cover claims for the environment, if insurance policies are lost.

“NAII against the SB 297, wrongly, as it broadens the offices of insurance to cover commitments outside the costs of the insurance contract, writing judicial decisions relating to pending cases and insurance, wrong, enrich, giving them more confidence that pays the insurance in their agreement, “A Sorich said. “An insurer now have the burden of research by contributions from other insurers to cover the risk in these situations.”

PIP benefits
HB 3668 to increase the coverage of protection for people (PIP) benefits from $ 10000 to $ 15000, the bill also subjects PIP benefits for Workers’ Compensation medical expenses and fees charged to the community.

SB 260, SB 297, HP 3668 and effective on 1 January

Other bills recently signed identify measures to address race car based on the performance of insurance premiums and guarantee club opinion. HB 2043 are insurance companies a tax credit if they conform to a rating for auto insurance that the foundations of 70 per cent of the premium of miles driven. The bill has no mandate to the insurer. HB 3051 removed the discrepancies on Corporate excise tax and the fire insurance premium tax. The bill directs insurers to come together, an increase of the guarantee premium to recover Association opinion.