440-3616 - (09/16/DFR) 1 of 8

Oct 22, 2026

Uploaded by Adam

Standards checklist for filing GAP insurance forms, rates, and rules with the Oregon Division of Financial Regulation. Guides filers to complete SERFF-related schedule items, attach required documents under the correct tabs, and provide accurate form numbers and edition dates to avoid database errors and review delays. Includes legislative context for House Bill 2845 and explains GAP “waiver” agreements, dual coverage options, and related references, with instructions to mark Yes/No/Confirm or supply page and paragraph references for each review item.

LanguageEnglish

CategoryExam

FormatPDF

Pages8

Reading Time20 min

AccessFree to download

Standards for GAP Insurance Forms, Rates and Rules

General requirements (for all filings)

Filing exemptions

Department of Consumer & Business Services Oregon Division of Financial Regulation – 5 P.O. Box 14480 350 Winter St. NE, Rm. 440 Salem, Oregon 97309-0405 Phone (503) 947-7983 STANDARDS FOR GAP INSURANCE FORMS, RATES AND RULES This checklist (product standards) has been provided as an aid to assist you in preparing your filing. Please complete this checklist and attach it to the Supporting Documentation tab where indicated. ORS 731.296, OAR 836-010-0011 (2) & (3) . This checklist includes relevant statutes, rules, bulletins, and other documented positions to enforce ORS 731.016. The standards are Summaries and review of the entire statute or rule may be necessary. After diligent consideration has been given to each item, mark either the “Yes”,“No”, or “Confirm” box; or provide the page and paragraph where the information may be found. Any line left blank may result in the delay or disapproval of the filing. This checklist is NOT APPLICABLE to other credit products. For credit personal property, use Form 440-3625c. Also, the new standards for Collateral Protection/Residual Value/VSI are 440-5057. Market: Personal lines TOI (type of insurance) code: 28.2005 GAP [may include borrower’s deductible, and/or may include other benefits. Explain in the cover letter.] Dual coverage Lender coverage only IMPORTANT LEGISLATIVE CHANGE: House Bill 2845 , Chapter 523, Oregon Laws 2015 – Effective January 1, 2016, sunsets January 2, 2020. A guaranteed asset protection (GAP)“waiver” is an agreement between a creditor and a borrower to waive the creditor’s right to collect all or part of an amount due from a borrower under certain circumstances. HB 2845 moves regulation of these waiver agreements from the Oregon Insurance Code to the Unlawful Trade Practices Act, adds consumer protections specific to GAP waivers, and establishes a sunset provision of January 2, 2020. GAP “insurance” will continue to be regulated through existing statutory provisions. An example of the type of business that could issue a GAP “waiver” agreement would be an automobile dealer, such as Ford Motor Company, who carries their own paper on the loan or lease. If the seller is financing the vehicle sale (acting as the bank, not for a bank), this party is a lender and can use a waiver in their sales agreement. The vehicle purchaser would still need to carry a motor vehicle policy to cover their liability and to cover damage to the vehicle. Filing guidelines for GAP “waiver” contractual liability reimbursement insurance policy (CLIP) products will be found in the Standards for Personal and Commercial Liability, checklist \#440-3610 . 440-3616 (09/16/DFR) 1 of 8 | Review
requirement | Reference | Description of review standards requirements |

Enter page & paragraph or check answer | | --- | --- | --- | --- | |
GENERAL REQUIREMENTS (FOR ALL FILINGS) | | | | | Requirements | OAR 836-010-0011 As required on SERFFor our website | Filing requirements are located on SERFF or on our website at: [http://dfr.oregon.gov/rates-forms/Pages/index.aspx](http://dfr.oregon.gov/rates-forms/Pages/index.aspxl)[l](http://dfr.oregon.gov/rates-forms/Pages/index.aspxl).
The correct information must be attached to the appropriate schedule items in order foryour filing to be considered complete.
The clean copy of the submitted form must be attached under the Form Schedule tab. Each form filed for approval must be attached to a separate Schedule Item under this tab.
The form number should appear exactly as shown on the PDF document. We prefer the edition date be included with the form number under the Form Number column. Do not add the edition date to both the Form Number column and the Edition Date column. If you do, our secondary database will include both dates and the form number will be incorrect. When filing a Replacement form, the Action Specific Data column must be completed correctly by providing the Oregon assigned Filing

FAQs

What must be completed in this GAP insurance filing checklist?

Fill out the checklist and attach it to the Supporting Documentation tab where indicated. Mark “Yes,” “No,” or “Confirm” for each item or provide the page and paragraph reference where the information can be found.

Where should different documents be submitted during the filing?

Place form copies on the Form Schedule tab, submit rates and rules under the Rate and Rule tab, and provide the actuarial memorandum and other supporting materials under the Supporting Documentation tab.

How does House Bill 2845 affect GAP “waiver” agreements?

HB 2845 moves regulation of GAP waiver agreements from the Oregon Insurance Code to the Unlawful Trade Practices Act, adds specific consumer protections, and sets a sunset provision effective January 2, 2020.

Oct 22, 2026

Uploaded by Adam