|
The Consumer & Business Services Fund
|
| |
| The
Oregon workers' compensation administration and programs are funded by insurer, employer,
and worker assessments. The Consumer and Business Services Fund is one of two funds to
which monies from the assessments are deposited. This fund is managed by the Treasury
Department. The other fund is the Workers' Benefit Fund, which
is managed by DCBS. |
| |
|
Purpose
|
|
The Workers' Compensation
Premium Assessment Operating Account of the Consumer and Business Services Fund covers:
- Operating expenses
of the Workers' Compensation Division
- Operating expenses
of the Workers' Compensation Board
- Workers' compensation
related functions of the Director's Office, the Ombudsman's Offices, and the
Information Management, Business Administration, and Insurance Divisions
- Operating costs
of the Oregon Occupational Safety and Health Division (also known as OR-OSHA)
not covered by federal funds
- The Self-Insured
Employer Adjustment Reserve and the Self-Insured Employer Group Adjustment
Reserve
|
|
| |
|
Source
|
|
Revenues
are generated from assessments imposed by the director on the
direct earned premium of insurers and a simulated earned premium
of self-insured employers. Effective Jan. 1, 2013, the assessment
will be set at an amount equal to 6.2 percent of the premiums
charged for workers' compensation coverage, the same as in 2012.
Self-insured employers and self-insured employer groups will
continue to pay an additional 0.2 percent into a reserve to
pay claims in the event of bankruptcy.
|
| |
|
Appropriation
|
| The Consumer
and Business Services Fund is a dedicated fund and not part of the state's general fund.
However, expenditures must be appropriated by the legislature and approved by the governor. |
| |
|
Reserves
|
|
The Self-Insured Employer
Adjustment Reserve and the Self-Insured Employer Group Adjustment Reserve (ORS 656.614)
provide funds to pay the claims of workers of self-insured employers when the claims
costs exceed the sum of employer security deposits, excess coverage, and other assets
available to pay claim costs due to employer insolvency. Generally a third party administrator
processes the claims and submits requests for reimbursement to the department.
|
| |
| |
|
Reference:
ORS
656.612
OAR 436.085
|
