Bill would raise payout cap for Oregon Insurance Guarantee Association to $600,000
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.
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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.
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