Chapter 145 Oregon Laws 2009

AN ACT

HB 2634

Relating to security for payment of workers’ compensation insurance premiums; amending ORS 656.552.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 656.552 is amended to read:

          656.552. (1) If the State Accident Insurance Fund Corporation finds it necessary for the protection of the Industrial Accident Fund, it may require any employer insured with the State Accident Insurance Fund Corporation, except political subdivisions of the state, to deposit and keep on deposit with the State Accident Insurance Fund Corporation a sum equal to the premiums due the State Accident Insurance Fund Corporation upon the estimated payroll of the employer for a period of not to exceed six months.

          (2) The State Accident Insurance Fund Corporation may, in its discretion and in lieu of such deposit, accept a bond, letter of credit or similar instrument to secure payment of premiums to become due the Industrial Accident Fund. The deposit or posting of the bond, letter of credit or similar instrument shall not relieve the employer from making premium payments to the Industrial Accident Fund based on the actual payroll of the employer, as provided by ORS 656.504.

          (3) If an employer ceases to be insured by the State Accident Insurance Fund Corporation, the State Accident Insurance Fund Corporation shall, upon receipt of all payments due the Industrial Accident Fund, refund to the employer all deposits remaining to the employer’s credit and shall cancel any bond, letter of credit or similar instrument given under this section.

Approved by the Governor May 26, 2009

Filed in the office of Secretary of State May 26, 2009

Effective date January 1, 2010

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