The Oregon Division of Financial Regulation published a news release announcing new consumer protection laws, including House Bill 2130 which governs the Oregon Insurance Guaranty Association.

The Oregon Insurance Guaranty Association provides protection to consumers by paying claims if an insurer goes insolvent and cannot meet its obligations. The bill has been amended and the covered claim amount has been doubled from $300,000 to $600,000.

The association will pay a covered claim due to insolvency of a member insurer on or after January 1, 2025, for up to $600,000. Claims due to insolvency of a member between September 9 , 1971, and December 31, 2024, are covered up to $300,000.