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Bill would raise payout cap for Oregon Insurance Guarantee Association to $600,000
Summary
House Bill 2130 would modernize the Oregon Insurance Guarantee Act, raise the statutory cap on covered property and casualty claims from $300,000 to $600,000 and clarify coverage for lines such as cybersecurity; the association said changes reflect inflation and market shifts since 1971.
The House Committee on Commerce and Consumer Protection heard testimony on House Bill 2130 on Feb. 11, a measure to update the Oregon Insurance Guarantee Act, increase the statutory payout cap for covered property-and-casualty claims and add clarifying language for modern lines such as cybersecurity.
Representatives of the Oregon Insurance Guarantee Association (OIGA) said the association was created by statute in 1971 to pay covered claims when an insurer becomes insolvent and that the statute has had minor changes since. Kathy Broughton Bezant, OIGA…
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