Information for property and casualty insurers

Senate Bill 82: Regulatory guidance for insurers

Relating to homeowner insurance for wildfire risk.

 Senate Bill 82 Guidance

Key provisions of the new law include:

• Requiring more comprehensive, actionable information in consumer notices of cancellation, nonrenewal, and premium increase.
• Requiring insurers to consider home hardening and defensible space efforts in rating and underwriting, while providing flexibility in how this consideration is reflected in an insurer’s decisions.
  
• Requiring extended timelines for rebuilding and contents replacement; allowing homeowners at least 24 months to repair, rebuild, or replace damaged or lost property related to a fire during certain types of declared emergencies.
  
• Prohibiting the use of the state wildfire risk map for rating and underwriting.
  

Property and Casualty Industry Meeting – Oct. 4, 2023

On Oct. 4, 2023, The Oregon Division of Financial Regulation (DFR) held an Industry Meeting for professionals in the Property and Casualty insurance line.

The meeting included opening remarks, followed by presentations on legislative updates, market conduct, variability, pet insurance, cancellation of insurance, and product standards. 

Presenters included The Oregon DFR Administrator, TK Keen, Insurance Product Regulation, Compliance and Business Analytics Manager, Cassie Soucy, DFR policy advisors, DFR product regulation professionals, DFR compliance professionals and a DFR business analytics professional.

Link to the video and documents from the meeting are below: