Life Insurance in Oregon

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The state of Oregon has no statewide sales tax and is dependent completely on funds from income tax. However, it does have the fifth highest personal income tax per person in the nation. They also have a "revenue limit" which means when income tax collections exceed state economists' estimates by 2 percent or more, the excess must be returned to taxpayers.

Major industries in Oregon include those in both the agricultural and technological spheres. In the insurance sector, Oregon residents own one million life insurance policies with coverage averaging $130,000 per policyholder.

Oregon's Offices Responsible for Life Insurance

Oregon's Insurance Division website contains links to many services an insurance consumer needs. There is information available on licenses, permits, and a registrations database where the consumer can check to ensure that their insurance company is properly licensed. Complaints about one's insurance company may be directed to this division as well. Forms are available in English and Spanish.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Oregon Life & Health Insurance Guaranty Association, which was created by a statute in 1975. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Oregon's Chapter743. These regulations cover every step in the life insurance process from how a company becomes license to how they must conduct their business.

Contacting the Oregon Division of Insurance