Regulatory Alerts2021-03-02 | Bulletin 2021-2Added · Updated
Oregon Bulletin DFR 2021-2: Consumer Disclosure Requirements for Personal Auto Policies with Step-Down Limits
The Oregon Division of Financial Regulation issued Bulletin DFR 2021-2 to mandate specific consumer disclosures for personal auto policies containing step-down coverage limits. Insurers must clearly state the conditions for reduced limits in specific dollar amounts, display lower limits in close proximity to higher limits, and obtain signed acknowledgments from policyholders. Failure to comply with these transparency requirements by the effective date may result in policy disapproval and civil penalties of up to $10,000 per violation.