Regulatory Alerts2021-01-01 | Bulletin 2021-2Oregon Division of Financial Regulation Bulletin 2021-2 on Consumer Disclosure Requirements for Personal Auto Policies with Step-Down Limits
The Oregon Division of Financial Regulation issued Bulletin 2021-2 to establish mandatory consumer disclosure requirements for personal auto insurance policies containing step-down liability limits. The final bulletin requires insurers to clearly state the conditions for reduced limits, list specific dollar amounts, and obtain written acknowledgments from policyholders at issuance and renewal. This regulatory action follows a public comment period where no new feedback was received, leading to the recommendation to adopt the proposed bulletin without changes.
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