735.005 Definitions for ORS 735
261 words·~1 min read·
/or/ors-chapter-735/alternative-insurance/735-005·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
735.005 Definitions for ORS 735.005 to 735.145. As used in ORS 735.005 to 735.145, unless the context requires otherwise:
(1)“Association” means the Oregon FAIR Plan Association created by ORS 735.045.
(2)“Board” means the board of directors of the association.
(3)“Essential property insurance” means insurance against direct loss to property as defined and limited in standard fire policies and extended coverage indorsements thereon, as approved by the Director of the Department of Consumer and Business Services, and insurance against the perils of vandalism and malicious mischief. “Essential property insurance” does not include automobile insurance or insurance on such types of manufacturing risks as may be excluded by the director.
(4)“Inspection bureau” means the person or persons designated by the association with the approval of the director to make inspections as required under ORS 731.418, 733.010 and 735.005 to 735.145 and to perform such other duties as may be authorized by the association.
(5)“Service insurer” means any insurer designated as such by the board.
(6)“Member insurer” means an insurer authorized to transact insurance in this state that writes any kind of essential property insurance.
(7)“Net direct written premiums” means direct gross premiums written in this state on insurance policies to which ORS 735.005 to 735.145 apply, less return premiums thereon and dividends paid or credited to policyholders on such direct business. “Net direct written premiums” does not include premiums on contracts between insurers or reinsurers.
(8)“Plan” means the plan of operation of the association established pursuant to ORS 735.085. [1971 c.321 §5; 1979 c.818 §2]