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Oregon's Department of Consumer and Business Services, Insurance Division, permanently adopted on Dec. 21, 2005, the temporary rulemaking that established minimum terms of disclosure when an insurance consumer pays compensation to an insurance producer or pays compensation to an insurance consultant who also receives other compensation. The permanent regulation became effective Sunday, Jan. 15, 2006.
NAMIC worked with members of the industry and the Insurance Division to draft a regulation that balanced the needs of the consumer for information necessary to make an informed decision about his insurance needs with the professional needs of the insurance industry.
The permanent regulation states:
(a) Has obtained the prospective insured's documented acknowledgment that the compensation will be received by the insurance consultant or affiliate; and (b) Disclosed the amount of compensation from the insurer or other third party for that placement. If the amount of compensation is not known at the time of disclosure, the insurance consultant shall disclose the specific method for calculating the compensation and, if possible, a reasonable estimate of the amount.
(a) Obtained the prospective insured's documented acknowledgment that the compensation will be received by the insurance producer or affiliate; and (b) Disclosed the amount of compensation from the insurer or other third party for that placement. If the amount of compensation is not known at the time of disclosure, the insurance producer shall disclose the specific method for calculating the compensation and, if possible, a reasonable estimate of the amount.
Direct questions to NAMIC State Affairs Manager Christian John Rataj.
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