732.005 Application of private corporation law

(1) Except where inconsistent with the express provisions of the Insurance Code, ORS chapter 60, shall, to the extent applicable, govern the powers, duties and relationships of domestic insurers.

(2) The following sections in ORS chapter 60 do not apply to insurers: ORS 60.004 (Filing requirements) , 60.007 (Filing, service, copying and certification fees) to 60.014 (Correcting filed document) , 60.016 (Forms) , 60.017 (Filing duty of Secretary of State) to 60.024 (Evidentiary effect of copy of filed document) , 60.031 (Powers) , 60.044 (Incorporators) , 60.051 (Incorporation) to 60.057 (Organization of corporation) , 60.094 (Corporate name) to 60.101 (Registered name) , 60.311 (Election of directors by certain classes of shareholders) , 60.470 (Definitions for ORS 60.470 to 60.501) to 60.534 (Sale of assets other than in regular course of business) , 60.701 (Authority to transact business required) to 60.717 (Corporate name of foreign corporation) , 60.734 (Withdrawal of foreign corporation) to 60.744 (Appeal from revocation) , 60.787 (Annual report) , 60.954 (Reservation of power to amend or repeal) , 60.957 (Application to existing domestic corporation) to 60.967 (Corporations incorporated under special acts) and 60.992 (Penalty for signing false document) .

(3) ORS 60.224 (Shareholders’ list for meeting) , 60.774 (Inspection of records by shareholders) (2)(c) and 60.777 (Scope of inspection right) (4) do not apply to insurers without capital stock.

(4) The enumeration in subsections (2) and (3) of this section of inapplicable sections in ORS chapter 60 is not exclusive or a limitation upon subsection (1) of this section.

(5) To the extent applicable and not inconsistent with subsections (1) to (4) of this section, ORS chapter 60 shall apply to insurers without capital stock as well as to insurers with capital stock. Where applicable to insurers without capital stock, references in ORS chapter 60 to “shareholders” shall be deemed references to “policyholders” or “subscribers” as the case may be.

(6) In applying ORS chapter 60 as provided in this section, unless the context requires otherwise:

(a) “Office of Secretary of State” or “office” means the Department of Consumer and Business Services.

(b) “Secretary of State” means the Director of the Department of Consumer and Business Services.

(c) “Corporation” and “domestic corporation” mean a domestic insurer. [1967 c.359 §146; 1985 c.728 §108; 1987 c.846 §1; 2001 c.352 §7; 2003 c.14 §446]

Source: Section 732.005 — Application of private corporation law; definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors732.­html (accessed May 26, 2025).