Oregon Insurance Commissioner and Director Andrew R. Stolfi published a Bulletin directed to insurance producers and producer license applicants on September 29, 2023. The aim of the bulletin is to clarify the conduct and practices expected of insurance producers and producer license applicants.
The Oregon Department of Consumer and Business Services Division of Financial Regulation has received numerous producer and producer license applicant filings that are incomplete or severely lacking. Division staff has also discovered that producers are not always complying with disclosure requirements. These deficiencies place a burden on the already limited resources of the Division. Insurance producers and producer license applicants are expected to provide:
- Proper contact information, and provide notification if changed
- Notification of regulatory action or criminal case
- Prompt response to a director inquiry
- Accurate and complete information in applications and information sent to the division
The Bulletin also identifies and lists the most common notice and filing deficiencies, which producers and producer applicants are expected to avoid:
- Failure to provide a direct phone number
- Using a generic or shared email address
- Failing to notify the division within 30 days of changes in producer and applicant contact information
- Failing to notify the division within 30 days if an individual receives a notification of a RIRS violation or notice of a criminal case
- Failing to provide a prompt and truthful response to an inquiry from the Director
- Applications that are incomplete, misleading, or are materially untrue
- Applicants that submit more than one application with different responses
Failure to comply may result in the director taking administrative action, including refusal to issue a license, suspending an existing license, or assessing penalties.
The Bulletin can be found here.
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