Chapter 424 Oregon Laws 1999

Session Law

AN ACT

SB 270

Relating to dividend payments by State Accident Insurance Fund Corporation to state agencies; amending ORS 656.526.

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

SECTION 1. ORS 656.526 is amended to read:

656.526. (1) Periodically, the State Accident Insurance Fund Corporation shall determine the total liability existing against the Industrial Accident Fund.

(2) If, after the determination required by subsection (1) of this section, the State Accident Insurance Fund Corporation finds the Industrial Accident Fund, aside from the reserves deemed actuarially necessary according to recognized insurance principles, contains a surplus, the State Accident Insurance Fund Corporation in its discretion may, after providing for any payments to the state, taxes or other dispositions of surplus provided by law, declare a dividend to be paid to, or credited to the accounts of, employers who were insured by the State Accident Insurance Fund Corporation during all or part of the period for which the dividend is declared. Any dividend so declared shall give due consideration to the solvency of the Industrial Accident Fund, not be unfairly discriminatory and not be promised in advance of such declaration.

(3) An employer in default when the dividend is declared shall not be eligible to receive payment or the credit provided by subsection (2) of this section.

[(4) Dividends payable to agencies of this state that are supported wholly or in substantial part from General Fund moneys shall be paid into the General Fund and be available for general governmental purposes. Such payments shall include all interest earned on such dividends after the time of their declaration and prior to the time of payment. An agency which has, during the period for which dividends are computed, an administrative budget supported by a General Fund contribution which constitutes less than five percent of its total administrative budget shall not be considered as being supported in substantial part from General Fund moneys for purposes of paying such dividends and interest to the General Fund under this subsection.]

[(5) For the purposes of subsection (4) of this section, the administrative budget of an agency also includes:]

[(a) All receipts and expenditures attributable to federal payments.]

[(b) All receipts and expenditures attributable to higher education construction projects financed under Article XI-F(1) of the Oregon Constitution.]

[(c) The administrative budgets of all self-supporting divisions, boards and commissions within the agency.]

Approved by the Governor June 30, 1999

Filed in the office of Secretary of State June 30, 1999

Effective date October 23, 1999

__________