September 20, 2012
The Oregon Insurance Division has proposed a rule changing the licensing process to transact credit insurance, which will affect credit unions in Oregon that offer insurance products.
Currently, the Oregon Insurance Division accepts application packets for licenses in two ways: a paper application with a check for the fees, or an electronic application submitted from a third-party authorized business partner (NIPR.com).
The division is now in the process of requiring that all application materials necessary to receive an insurance license be submitted electronically. This would include not only the application for the license, but also the fingerprint information necessary for the background check. The division’s licensing exam vendor has digital fingerprinting stations at its testing centers, as well as a kiosk where the applicant can submit the online application.
The proposed rules also establishes mechanical breakdown insurance as a class of limited license separate from limited class credit insurance.
The proposed rule is open for comment through Nov. 1, 2012, with final implementation set for Jan. 1, 2013. After this date, paper application materials will not be accepted. Contact Jim Thompson, the Oregon Insurance Division’s manager of licensing and administration, with any questions at 503.947.7247.
The NWCUA Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. The Association encourages members to participate in the regulatory process. If you have any questions on these or any regulatory issues, please contact Director of Regulatory Advocacy John Trull at firstname.lastname@example.org, or at 503.350.2209.