Relating to the Oregon Insurance Guaranty Association.
What changed between versions
Added new provisions stating the association must cover claims when an insurer assumes sole responsibility for a member insurer's policy and then becomes insolvent, even if the original member insurer was released from obligations by court order or novation.
Clarified that the association is NOT responsible for claims when a non-member insurer issues a policy and a member insurer later assumes responsibility through novation or allocation.
Restructured the definitions section of ORS 734.510 to renumber and reorganize terms like 'covered claim', 'cybersecurity insurance', 'dividend', and 'insolvent insurer' for clarity.
Added a new definition for 'insolvent insurer' with specific criteria about liquidation orders and timing relative to September 9, 1971.