Effective January 1, 2018, Oregon Bill 985 will exempt certain lines of business from filing rates and forms in an effort to improve speed to market and provide opportunities for new and innovative products. The exempted lines include: surety insurance, wet marine and transportation insurance, boiler and machinery insurance, environmental impairment and pollution insurance, kidnap and ransom insurance and political risk or expropriation insurance. The law additionally exempts property insurance in certain defined cases, as well allowing for the Director to exempt commercial lines insurance if specific requirements are met.
Insurance lines not exempted under Bill 985 include: workers’ compensation, medical professional liability, commercial automobile liability and insurer coverage issued under assigned risk plans, residual market pools, residual markets, or any class or line of insurance which an insurer transacts with a individual for personal, family, or household purposes.
Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services. If you have any questions, please contact us.
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