SB 179 (ch 716) Modification of tax apportionment formula for insurers
SB 179 authorizes insurers with both in-state and out-of-state business activity to petition the Department of Revenue for modification of the tax apportionment formula used to apportion income between Oregon and out-of-state sources, if the existing formula does not apportion income fairly and equitably. SB 179 authorizes the department to modify the apportionment formula to achieve fair and equitable apportionment. The bill applies to tax years beginning on or after Jan. 1, 2007. SB 179 affects tax apportionment and does not affect the regulation of insurance itself.
Effective: Sept. 27, 2007.
SB 337 (ch 803) Notice of professional negligence claims to health professional regulatory boards
SB 337 requires a primary insurer, public body, self-insured entity, or health maintenance organization that provides medical malpractice coverage for health care practitioners to report a medical malpractice complaint against a covered practitioner to the board that regulates the practitioner. The amended statute had applied only to insurers providing professional liability insurance. The bill also extends the reporting requirement to claims against physician assistants and nurse practitioners. The bill provides for posting and disclosure of reports about claims and provides that a report is withdrawn if the board does not receive another report against the practitioner within the following four years.
Effective July 17, 2007.
SB 583 (ch 759) Oregon Consumer Theft Protection Act
SB 583 protects Oregonians from identify theft by requiring those who own, maintain, possess, or dispose of personal data to safeguard that data from unauthorized use. Consumers must be notified when their personal information is subject to a security breach. Every Oregonian may request a security freeze on his or her credit file maintained by a consumer reporting agency, and to temporarily lift the freeze for a period of time. The bill restricts the use and display of Social Security numbers. DCBS is authorized to enforce this legislation.
SB 583 requires any person holding a consumer’s personal information for business or other purposes to implement protective safeguards for the personal information and its disposal. This bill establishes exemptions for persons subject to and complying with regulations under Title V of the Gramm-Leach-Bliley Act or with regulations implementing the Health Insurance Portability and Accountability Act of 1996.
Effective: Oct. 1, 2007.
SB 603 (ch 433) Domestic insurers; Reduction of residency requirements for directors
SB 603 gives domestic insurers more flexibility in choosing members for their boards of directors by reducing the minimum percentage of members who must be Oregon residents from one-third to one-quarter of the directors. Minimum membership of resident directors must now be the lesser of five directors or one-quarter of the board.
Effective date: June 15, 2007.
SB 687 (ch 174) Insurance Code exemption; transportation of human remains
SB 687 exempts from the Insurance Code any prepaid transportation and arrangement for returning human remains from the place of death. Before this change, a prepayment for a promise to transport a human body in the event an individual dies away from home was subject to regulation under the Insurance Code as a kind of insurance agreement. The proposed exemption is consistent with the current exemption for ambulance services, and is necessary so that these similar functions are treated the same.