2019 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Limited Licenses
Section 744.641 - Notices required; rules.
(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services not later than 30 days after:
(A) The licensee opens or closes a place of business in this state or changes the location or contact information for the licensee’s residence or any of the licensee’s places of business in this state;
(B) The licensee begins or stops using or changes an assumed business name under which the licensee engages in business as an insurance consultant;
(C) A government agency or regulator in this or another state has taken a final action against the licensee;
(D) The licensee receives notice of an initiation or prosecution of criminal charges against the licensee in any United States jurisdiction for any felony or a misdemeanor that involves fraud, dishonesty or a breach of trust; or
(E) The licensee’s authority to act for a business entity begins or terminates.
(b) In the notice a licensee submits under paragraph (a) of this subsection, the licensee shall:
(A) Update any information that has changed from the time the licensee submitted an application for a license or submitted a previous notice under this section; and
(B) Include any relevant documents that describe, support, are evidence of or otherwise illustrate the contents of the notice, including but not limited to copies of complaints, informations or indictments, motions, orders, consents and consent decrees, judgments and any other relevant records or legal documents.
(2) Not later than December 31 of each year, a licensee that is a business entity shall notify the director of any change during the previous calendar year in the licensee’s directors, members or officers, or other persons that own, directly or indirectly, more than 10 percent of any class of equity security of the licensee.
(3) The director by rule may establish a different period within which a licensee must notify the director under subsection (1) or (2) of this section. [2019 c.151 §16]
