HB 3834
Directs the Oregon Department of Administrative Services to establish a program to provide reinsurance against the risk of economic loss for insurers that issue policies of insurance against damage or loss caused by wildlife.
Jurisdiction
Oregon
Session
2025 Regular Session
Committee
Commerce and Consumer Protection
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill directs the Oregon Department of Administrative Services to create a program providing reinsurance to insurance companies that cover damage or loss caused by wildlife. A new fund, the Wildlife Damage Reinsurance Fund, will be established and funded through appropriations. The program aims to incentivize insurers to offer coverage for wildlife-related damage and ensure the financial stability of the fund.
Key provisions
- Establishes the Wildlife Damage Reinsurance Fund.
- Directs the Oregon Department of Administrative Services to administer the reinsurance program.
- Specifies criteria for insurers to participate in the reinsurance program.
- Sets maximum coverage amounts for reinsurance policies.
- Prioritizes reinsurance in areas with inadequate wildlife damage coverage.
- Requires the fund to be separate from the General Fund.
- Allows for investment of fund assets.
- Mandates annual reporting to the Legislative Assembly.
Who is affected
- Insurance Companies
- Farmers and Agricultural Producers
- Oregon Department of Administrative Services
- Oregon Department of Consumer and Business Services
- State Treasury
Notable changes
- Creates a dedicated fund for wildlife damage reinsurance.
- Establishes a framework for risk assessment and insurer participation.
- Includes provisions for actuarial soundness and financial stability of the fund.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
E. Werner Reschke
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