(1)(a) An insurer shall notify a claimant in writing at the time the insurer pays $5,000 or more to settle a third-party liability claim if: (A) The claimant is a natural person; (B) The insurer or an agent or other representative of the insurer, including the insurers attorney, delivers the payment to the claimant or to the claimants attorney, agent or other representative by draft, check or other form of payment; and (C) The claimant or the claimants attorney has provided contact information or a mailing address to the insurer. (b) An insurer may comply with paragraph (a) of this subsection by sending to the claimant a copy of the cover letter that accompanies the insurers settlement payment to the claimants attorney. Any notice to the claimant other than a copy of the cover letter may not include more than: (A) A statement that the insurer has paid a settlement; (B) The amount of the settlement; (C) The date on which the insurer paid the settlement; (D) The insurers name; and (E) Any identifying number for the claim. (2) Subsection (1) of this section does not: (a) Create a cause of action against an insurer for the insurers failure to provide the notice described in subsection (1) of this section; or (b) Create for the claimants attorney a defense to any cause of action based on an insurers failure to provide the notice described in subsection (1) of this section. (3) Subsection (1) of this section authorizes an insurer or the insurers attorney to communicate with the claimant for the purpose of delivering the notice described in subsection (1) of this section even if the insurer or the insurers attorney knows that the claimant is represented by an attorney. (4) This section does not invalidate or otherwise affect a settlement for which an insurer made a payment. Note: 731.492 was added to and made a part of the Insurance Code by legislative action but was not added to ORS chapter 731 or any series therein. See Preface to Oregon Revised Statutes for further explanation.
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