Oregon Personal Lines Insurance License Exam — All Questions

Which agency issues resident personal lines insurance producer licenses in Oregon?

• a.The Oregon Department of Motor Vehicles
• b.The Division of Financial Regulation within the Department of Consumer and Business Services (DCBS)✓
• c.The Oregon Bureau of Insurance Agents
• d.The federal Department of Insurance

Insurance in Oregon is regulated by the Division of Financial Regulation (DFR), part of the Department of Consumer and Business Services (DCBS). DFR licenses producers, reviews rates and forms, and handles consumer complaints. There is no federal insurance department. Source: Oregon Division of Financial Regulation (https://dfr.oregon.gov).

After a producer is licensed in Oregon, what generally must occur before transacting business for a specific insurer?

• a.Nothing further — the license alone authorizes sales for any insurer
• b.The insurer must appoint the producer, with the appointment on file with the Division of Financial Regulation✓
• c.The producer must post a personal surety bond with the state treasurer
• d.The producer must first sell to at least five clients on a temporary permit

A license lets a person act as a producer, but to represent a particular company that insurer must appoint the producer, with the appointment filed with the Oregon Division of Financial Regulation. A producer may hold appointments from several insurers at once. This follows the NAIC producer-licensing model Oregon uses.

Which statement about continuing education (CE) for resident personal lines producers in Oregon is correct?

• a.Resident producers must complete state-approved CE each renewal cycle to keep the license active; confirm the exact hours and ethics requirement with the Division of Financial Regulation✓
• b.CE is optional and only recommended for new producers
• c.CE is required once, in the first year, and never again
• d.Passing the licensing exam permanently exempts a producer from all CE

Like other states, Oregon requires resident producers to complete approved continuing education each renewal cycle, typically including an ethics component, before renewing. Because specific hour totals can change, verify the current CE requirement with the Oregon Division of Financial Regulation (https://dfr.oregon.gov).