Regulatory Alerts2024-01-01 | Bulletin 2024-6Expectations of Insurers Regarding Explanations of Insurance Decisions
The Oregon Division of Financial Regulation issued Bulletin DFR 2024-6 to require insurers to provide clear, accurate, and timely explanations of their underwriting and rating decisions to producers and consumers. The directive addresses circulating misinformation regarding policy availability in specific geographic areas and mandates that carriers accurately communicate the data and tools used for risk assessment. Insurers must promptly relay rating factors when questioned, while producers are simultaneously directed to verify all coverage and underwriting rationales directly with their carriers.
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