The oil filter holds the check valve closed when installed. Open the top and the filter will let the oil drain back into the engine.
I installed a chinese filter and it was a bad design and crushed itself on instal allowing the oil to drain back when not running. I had the same issue as you until I got a real replacement filter (Mann) and the problem went away. Idiot light is non existent now. Let us know what you find out.
95 E34 530I V2.37
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