(1) The certificate shall:

(a) Be issued by an insurance carrier licensed to do business within this state;

(b) Show that the dealer is insured by a policy that provides the minimum limits of coverage required under ORS 806.070;

(c) Show that the dealer is insured by a policy that provides for payment of judgments of the type described in ORS 806.040;

(d) Show that the dealer is insured by a policy covering all vehicles manufactured, owned, operated, used or maintained by or under the control of the dealer;

(e) Show that the dealer is insured by a policy that also covers all other persons who, with the consent of the dealer, use or operate vehicles manufactured, owned or maintained by or under the control of the dealer;

(f) Be dated as of the date of the motor vehicle policy for which it is given;

(g) Contain the policy number; and

(h) Provide that the insurer shall give the Department of Transportation written notice of any cancellation of the policy and that the insurer shall continue to be liable under the policy until the department receives the notice required by this paragraph or until the cancellation date specified in the notice, whichever is later.

(2) The certificate of insurance must be filed and held in the office of the department.

(3) A dealer is exempt from the requirement to file the certificate of insurance described in this section if the dealer certifies, in such form as may be required by the department, that the dealer will be dealing exclusively in one or more of the following:

(a) Antique vehicles issued permanent registration under ORS 805.010;

(b) Farm trailers;

(c) Farm tractors;

(d) Implements of husbandry; or

(e) Snowmobiles, Class I or Class III all-terrain vehicles. [1989 c.434 §3a; 1993 c.180 §2; 2003 c.655 §128; 2015 c.138 §39]