Insurance coverage on Oregon properties or operations in the state of Oregon placed in insurance companies not admitted to do business in Oregon must meet the requirements of the Oregon Surplus Line Law and if transactions take place in Oregon the placement must be made by an Oregon licensed surplus line producer. To be licensed as a surplus line producer, Oregon residents must be licensed as an Oregon property and casualty agent and pass the Oregon surplus line producer qualifying exam. Non-residents may be licensed in Oregon if they are licensed as a non-resident Oregon property and casualty producer and hold a valid surplus lines producer's license in their resident state (click Oregon Statutes and Licensing Procedures above for more details).
It is the sole responsibility of the surplus line producer to determine the eligibility of the insurer to be used at the time placement is made. A list of carriers not rejected by the State of Oregon based on the most recent financial statements provided to the Oregon Insurance Division is included on this website (click Insurer List tab at top of this page). This list is not a list of approved insurers. The list is a tool for the surplus line producer to utilize in discharging his or her responsibility to select an insurer that meets the requirements of the Oregon Statutes at the time of placement. The list in no way implies that the State of Oregon or the Surplus Line Association of Oregon make any assertion that the carriers listed meet the requirements of the Oregon Surplus Line Laws. More information regarding insurance companies can be found at the Insurance Division's web site.
Anyone placing surplus line business on Oregon exposures must complete a filing form, file the form and pay appropriate taxes and charges to the State of Oregon on the premium applicable to Oregon exposures. The Surplus Line Association of Oregon acts as a stamping office to review the filings and assist the State of Oregon in collection of the taxes. All parties writing surplus lines coverage on Oregon exposures must register as filers with the Association. Registered filers have a choice of two filing procedures: 1) Bulk or, if they anticipate a small volume of business, 2) Item (click Filing Procedures at the left for more information).
Oregon insurance laws are found principally in Chapters 731 through 752 of the Oregon Revised Statutes. They may be accessed via web search at Oregon Revised Statutes. Comprehensive information on insurance in Oregon can be found on the Insurance Division's web site. The surplus line statutes are paragraphs 735.400 - 735.495 and may be accessed at Oregon Surplus Line Laws. The principal requirements of the surplus line producer for writing surplus lines in Oregon are:
The producer must hold a current Oregon license authorizing placement of surplus line business. The producer must confirm that a diligent search has been made of admitted carriers actually writing the coverage and that it was not possible to place the coverage with an admitted carrier. The producer must determine that the carrier meets the minimum financial requirements established by the statutes on the date insurance is placed. The producer must advise the insured that the coverage is being placed with a non-admitted carrier and is not covered by the Oregon Insurance Guaranty Association in the event of insolvency. A statement declaring this must be affixed prominently to the policy. The producer must file pertinent information related to the placement with the Surplus Line Association of Oregon and remit the accumulated taxes and charges on placements. ("Bulk" basis filers remit taxes and charges quarterly; "Item" basis filers remit taxes and charges with each individual filing.) Specifics of filing forms and applicable tax rates may be found in the section "Filing Procedures" at the left of this screen.
The Oregon statutes place the sole responsibility for qualification of surplus line carriers on the surplus line producer. At the time of placement, the producer must confirm that the carrier meets the minimum statutory requirement. Annually, insurance carriers desiring to write surplus lines insurance in Oregon submit copies of their financial statements to the Oregon Insurance Division. While the Division does not rule on the acceptability of an insurer, it will declare a carrier ineligible if that financial statement does not indicate compliance with the minimum statutory requirements. Alien insurers currently on the list published quarterly by the IID of the NAIC are automatically eligible in Oregon. There is no "white" list of Oregon carriers indicating those eligible for surplus line placements, as each producer bears the responsibility for qualifying the carrier at the time of each placement. The SLAOR does provide a list of carriers that it believes met the financial requirements on the date of their last annual reports and will probably not be found ineligible by the State. This list in no way signifies that the SLAOR or the State of Oregon is in any way representing that these carriers are qualified to accept the insurance. The list may be found under "Insurer List" within the "Filing Procedures: sectioon accessed at the left of this screen.
As Chief Financial Analyst and Assistant Manager of the Financial Regulation Section, Annette is responsible for oversight of quarterly financial analysis of insurers, authorization (licensing) of insurers in the admitted market; collection of retaliatory, fire marshal and surplus line premium tax; and the corporate records and financial statement filings of all insurers authorized in Oregon. She has held this position since April 2003.
Prior to her current responsibilities, Annette was an insurance financial analyst for the Division for 10.5 years. She performed in-depth analysis of insurer financial statements and other filings to determine the financial condition of insurers and compliance with statutes and accounting guidance; reviewed insurer applications for authorization; and participated with the supervising insurance examiners in planning financial examinations.
Annette has an Associates degree (emphasis in accounting) from Chemeketa Community College. In April 2000, Annette obtained the Certified Financial Examiner ("CFE") designation conferred by the Society of Financial Examiners.
Ms. Boyce may be contacted at (503) 947-7271 or Annette.C.Boyce@state.or.us, or via the Insurance Division's Web site.
Lynette joined the Oregon Insurance Division in November of 1999 and recently became the liaison with the Surplus Line Association of Oregon. She is an insurance tax analyst and collects and audits retaliatory tax and fire marshal tax. In addition, she audits ocean marine tax, risk purchasing group tax, and surplus lines taxes as well as approves licenses for discount medical plan organizations and risk purchasing groups.
Before joining the Insurance Division, Lynette was an accountant for a large church in Keizer, Oregon. She also did personal and corporate income taxes and worked as a substitute high-school math teacher. She has three grown daughters and two grandchildren. Lynette and her high-school sweetheart have been married for thirty-nine years. She enjoys reading, gardening, crocheting and playing the piano.
Lynette has a Bachelor of Science degree in mathematics and an additional thirty hours of accounting. She recently obtained an Associate Professional in Insurance Regulation (APIR) certification from the National Association of Insurance Commissioners.
You can contact Lynette at 503-947-7046 or lynette.m.hadley@state.or.us
Bonnie Beard left the Midwest for Oregon in 1975. She joined the Insurance Division as a licensing technician in 1984, after working seven years in Accounts Payable for Salem-Keizer Public Schools. In her current position, she is responsible for processing resident and non-resident insurance agency applications, and individual limited lines agent applications, including the licensing of surplus line producers. Ms. Beard may be reached at the Division offices, (503) 947-7209, or Bonita.B.Beard@state.or.us, or via the Insurance Division's Web site.
All Applicants: To secure the proper current forms, all applicants should personally contact Ms. Bonita Beard in the agency licensing department of the State of Oregon Insurance Division, at (503) 947-7209 or Bonita.B.Beard@state.or.us , or via the Insurance Division's web site.
Remember that applicants must first be licensed as an Oregon property and casualty producer as a prerequisite to being licensed as a surplus line producer. General requirements for licensing follow. Residents: Residents of Oregon desiring to handle surplus line insurance transactions must first become licensed as property and casualty insurance producers. Having qualified as a property and casualty insurance producer (requirements: pre-licensing education, passing an exam and having an acceptable business and personal background), a licensee may make application to have his/her license endorsed to permit surplus line transactions. To qualify for surplus line authority, the producer must pass the additional surplus line insurance examination and complete the appropriate application form. Further details including the necessary forms may be found on the Insurance Division's web site. There is no specifically designed study material for the surplus line exam and at this time no education provider is offering training for the exam. The application form indicates the specific areas that the applicant will be tested on and study may be accomplished by reviewing the applicable statutes and general insurance education courses. IIA offers courses, leading to the Associate in Surplus Line Insurance (ASLI), which are very good training for the exam. Non-Residents: Non-residents may be licensed in Oregon upon submission of an application and the appropriate documentation showing that:
Oregon does not maintain a "white" or approved list of non-admitted insurers. Oregon is a producer approval state and the responsibility for selecting a qualified non-admitted insurer rests solely with the surplus line licensee placing the insurance. The list of insurers on this web site is a list of non-admitted insurers who have provided a certified copy of their current annual statements to the State of Oregon as required by ORS 735.415(1) (c), indicating compliance with the minimum requirements of ORS 735.415 (1) as of the date of the statement.Being included on the list does not imply that the insurers meet the requirements of Oregon statutes on the date of placement or are in any other way qualified to write surplus line business in Oregon. The surplus line licensee is solely responsible for determining the qualifications of each non-admitted insurer used as of the date of placement.
I have read and understand the limitations on the SLAOR insurer list and wish to view the list.