SALEM, OR – June 23, 2015 – (RealEstateRama) — The Oregon Legislature just gave their stamp of approval to a new law that will give insurance customers more convenience in managing and accessing their insurance policies, said the Property Casualty Insurers Association of America (PCI). SB 578 enables insurers to post generic policy forms and endorsements online in lieu of mailing paper documents, unless otherwise requested.
“Consumers will be able to access their insurance policy and forms online 24/7. This bill will save paper and trees by the current requirement to mail all customers inch-thick policies and updates on paper,” said Kenton Brine, PCI assistant vice president. “Insurance consumers will be able to access their policy information on the Internet whenever they want, without having to look through their home filing cabinets or piles of paper. But, consumers will still have the option to request paper copies from their insurer if they need them.”
Legislators and regulators across the country have recognized the need to modernize the insurance laws and the desire of consumers to have greater electronic access to their insurance information. In 2013, Oregon enacted legislation that allows policyholders to have their insurance documents sent to them electronically. Passage of SB 578 makes Oregon the 18th state to expand access to insurance information by adopting electronic posting of insurance policies, electronic delivery of insurance information and allowing drivers to use electronic proof of insurance.
“The proliferation of smartphones and advances in technology have fundamentally altered how policyholders function and how they manage their insurance,” said Brine. “The Oregon Legislature is making the right move to give consumers the digital tools they want and need.”
SB 578 was approved by the Oregon Senate on a vote of 26 to 2 and by the Oregon House on a unanimous vote of 51 to 0. The bill now awaits Governor Kate Brown’s signature.
PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation’s property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.
nicole.mahrt (at) pciaa (dot) net