Regulatory Alerts2023-01-01 | Bulletin 2023-5Oregon DFR Bulletin 2023-5: Withdrawal of Bulletins DFR 2020-7 through 2020-14
The Oregon Department of Consumer and Business Services Division of Financial Regulation has withdrawn seven 2020 regulatory bulletins that previously mandated relief measures for insurers, lenders, and financial service providers. Insurers that expanded coverage or lowered premiums under those now-repealed directives must provide a mandatory 30-day advance notice to policyholders before reinstating standard rates or reducing coverage. This withdrawal takes effect immediately upon issuance, formally terminating the pandemic-era directives and restoring standard regulatory oversight.
350 Winter St. NE, Rm 410, PO Box 14480, Salem, OR 97309 503-947-7694 dfr.oregon.gov 1 11/1/2023 Oregon Department of Consumer and Business Services Division of Financial Regulation, Bulletin No. DFR 2023-5 TO: All Entities Transacting Insurance in Oregon; All Oregon-regulated lenders and loan servicers; All Oregon-regulated pawnbrokers; All Oregonregulated collection agencies and debt buyers DATE: November 1, 2023 RE: Withdrawal of Bulletins DFR 2020-7, 2020-8, 2020-9, 2020-10, 2020-11, 2020-13, and 2020-14. PURPOSE This bulletin withdraws Bulletins DFR 2020-7, 2020-8, 2020-9, 2020-10, 2020-11, 2020- 13, and 2020-14. AUTHORITY • Executive Orders No. 20-03, 20-07 • ORS 401.165, 168,175,188, and 192 • ORS 656.005 • ORS 737.320 • ORS 742.003 • OAR 836-042-0055 • OAR 836-043-0101 to 836-043-0170 GUIDANCE FOR ALL REGULATED ENTITIES: Bulletins DFR 2020-7, 2020-8, 2020-9, 2020-10, 2020-11, 2020-13, and 2020-14, are hereby withdrawn. To the extent any insurer has expanded insurance coverage or decreased rates according to these bulletins, and to the extent any of those changes are still in effect, an insurer must provide 30-day notice to the policyholder before any reduction in coverage or increase in rates occurs. This bulletin is effective upon issuance.
Andrew R. Stolfi Date Insurance Commissioner and Director Department of Consumer and Business Services