(2) An insurance policy furnished under ORS 825.160 or 825.162 may not be canceled or otherwise terminated at any time prior to its expiration until the entity that executed the policy has filed with the department a notice of cancellation as provided in the policy. The cancellation is effective not less than 30 days from the date of receipt, and no agreement between the parties thereto shall operate to avoid this restriction upon cancellation.
(3) If any insurance policy required under ORS 825.160 or 825.162 becomes inoperative, the authority under the certificate or permit involved shall cease and be suspended insofar as it pertains to any affected vehicles until an insurance policy meeting the requirements of ORS 825.160 and 825.162 becomes effective and is accepted by the department. [Formerly 767.205; 2011 c.73 §2]