75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
Enrolled
House Bill 2634
Sponsored by Representative SCHAUFLER (at the request of State
Accident Insurance Fund Corporation)
CHAPTER ................
AN ACT
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.
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Enrolled House Bill 2634 (HB 2634-INTRO) Page 1
Passed by House March 5, 2009
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Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 7, 2009
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President of Senate
Enrolled House Bill 2634 (HB 2634-INTRO) Page 2
Received by Governor:
......M.,............., 2009
Approved:
......M.,............., 2009
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Governor
Filed in Office of Secretary of State:
......M.,............., 2009
...........................................................
Secretary of State
Enrolled House Bill 2634 (HB 2634-INTRO) Page 3