71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 1406
 
                         House Bill 2669
 
Sponsored by Representative BUTLER
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Requires board of directors of State Accident Insurance Fund
Corporation to sell corporation's assets to private entity not
later than ______. Requires Director of Oregon Department of
Administrative Services and Attorney General to assist in
negotiating sale and to approve terms and conditions of sale.
Specifies certain matters to be included in sale contract.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to the privatization of the State Accident Insurance
  Fund Corporation; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2001 Act is added to and made
a part of ORS chapter 656. + }
  SECTION 2.  { + Notwithstanding any other provision of law:
  (1) Not later than _____, the board of directors of the State
Accident Insurance Fund Corporation shall sell all assets of the
corporation to a private entity.
  (2) All proceeds of the sale shall be paid to the State
Treasurer and shall be deposited in the General Fund.
  (3) The Director of the Oregon Department of Administrative
Services and the Attorney General shall assist the board of
directors of the State Accident Insurance Fund Corporation in
negotiating the sale of the corporation's assets. The Director of
the Oregon Department of Administrative Services and the Attorney
General must approve the terms and conditions of the sale and
shall make sure that the contract of sale includes adequate
provisions for:
  (a) Maintaining the trust terms and conditions specified in ORS
656.634 upon the proceeds of sale of the corporation's assets.
  (b) Protecting employment, retirement and other fringe benefit
rights of the corporation's employees.
  (c) Allocating responsibility between the purchaser and seller
for complying with federal and state laws regarding taxation and
all other laws regulating the sale transaction.
  (4) After the date the sale takes effect, when a contract for
coverage under ORS chapter 656 between the State Accident
Insurance Fund Corporation and a subject employer expires, the
subject employer shall become a self-insured employer or shall
obtain coverage from a guaranty contract insurer.
 
  (5) The State Treasurer shall transfer the Industrial Accident
Fund, and all investments thereof, in accordance with the terms
and conditions of the contract of sale. + }
  SECTION 3.  { + This 2001 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2001 Act takes effect on its
passage. + }
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