Or. Admin. R. 441-820-0080

Current through Register Vol. 63, No. 8, August 1, 2024

Section 441-820-0080 - Errors and Omissions Insurance

(1) Applicants for a license under these rules must submit proof of errors and omissions insurance in the amount required under subsection (3) of this rule from an insurer that the department has authorized to transact insurance in this state or which is an eligible surplus lines insurer as defined in ORS 735.405 or a risk retention group as defined in ORS 735.305.

(2) Upon application to renew a license, a licensee must attest that they have an errors and omissions policy in the amount required by subsection (3) from an insurer that the department has authorized to transact insurance in this state or which is an eligible surplus lines insurer as defined in ORS 735.405 or a risk retention group as defined in ORS 735.305.

(3) An errors and omissions policy limits shall be calculated as follows:

(a) A debt buyer with annual receipts of $10 million or more must maintain policy with a minimum of $1,000,000 per event.

(b) A debt buyer with annual receipts of less than $10 million must maintain policy with a minimum of $500,000 per event.

(4) Debt buyers with less than $10 million in receipts must submit an Attestation For Reduced Errors and Omissions Insurance through the NMLS.

Or. Admin. R. 441-820-0080

FSR 11-2017, temporary adopt filed 10/27/2017, effective 10/27/2017 through 04/24/2018; FSR 4-2018, adopt filed 04/23/2018, effective4/24/2018

Statutory/Other Authority: 2017 Or Laws ch 625 §§ 8, 13, 15

Statutes/Other Implemented: 2017 Or Laws ch 625 §§ 4 - 10