Bill > HB2130

This bill modifies Oregon's Insurance Guaranty Association law to clarify and expand its responsibilities and coverage. The bill introduces several key changes, including defining new terms like "cybersecurity insurance" and "incident or occurrence," and adjusting the association's obligations for handling insurance claims when an insurer becomes insolvent. Specifically, the bill increases the maximum claim payment limit from $300,000 to $600,000 for insolvencies occurring on or after January 1, 2025, and establishes a $600,000 aggregate limit for cybersecurity insurance claims arising from a single incident. The legislation also clarifies the association's rights to recover payments from insureds with high net worth, particularly for cybersecurity insurance claims, and expands provisions related to how claims are handled when an insurance policy is transferred between insurers. Additionally, the bill modifies requirements for exhausting other insurance coverage before the guaranty association becomes responsible for paying a claim, ensuring that claimants first seek recovery from available insurance policies. These changes aim to provide more clarity and protection for policyholders while defining the scope of the Oregon Insurance Guaranty Association's responsibilities.

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https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2130