OR| The Oregon Department of Consumer and Business Services Division of Financial Regulation, Bulletin No. DFR 2026-1 establishes an export list under Oregon SB 829 (2025) that allows surplus lines insurers and qualified surplus lines producers to place commercial property and general liability coverage for qualifying affordable housing directly with surplus lines carriers, without first performing the traditional diligent search of the admitted market, but only for residential properties that meet the income and long-term affordability criteria in ORS 197A.445 and related statutes.
Key Points:
- Covered lines and rationale: The export list covers (1) commercial property insurance for perils such as fire, vandalism, wind, and water, and (2) general liability insurance for affordable housing, reflecting that admitted carriers have reduced or withdrawn offerings due to rising construction/replacement costs, elevated risk profiles, and high or volatile claim experience in this segment.
- Surplus lines placement without diligent search: For Oregon affordable housing entities that meet the statutory definition (income-restricted units and affordability enforceable for at least 30 years), producers may now place commercial property and general liability coverage with surplus lines carriers without obtaining prior declinations from admitted insurers, as previously required under ORS 735.410(1)(b).