Regulatory Alerts2001-01-01 | Bulletin 2001-1Bulletin 2001-1: OAR 836-080-0240 - Standards for Prompt & Fair Settlement - Automobile Insurance
The Oregon Insurance Division issued Bulletin INS 2001-1 to clarify Oregon Administrative Rule (OAR) 836-080-0240, which governs the settlement of total losses for motor vehicles and sets standards for prompt and fair settlement in automobile insurance. Insurers are responsible for determining vehicle value, must apply appropriate and verifiable comparability standards for cash settlements, and must provide written notice to insureds that valuation information is available upon request at the initial settlement offer. Additionally, valuation reports must clearly present only the information used for fair market value and include a condition report, and insurers must clearly explain recourse options to first-party claimants in writing.
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