HB 3319
Permits the State Accident Insurance Fund Corporation to evaluate the risk the corporation has insured for employers during the past three years and reduce the premium the corporation charges the employer to reflect any reductions or mitigations in risk that result from an agreement between the employer and the corporation.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows the State Accident Insurance Fund Corporation to adjust workers' compensation insurance premiums for employers. The corporation can evaluate an employer’s risk over the past three years and lower premiums if the employer agrees to specific risk-reduction measures. It also allows the corporation to offer a reduced premium rate during a ‘probationary period’ to new or acquiring businesses, with the rate potentially extending if the business adheres to the agreed-upon terms.
Key provisions
- The State Accident Insurance Fund Corporation can evaluate employer risk over the past three years.
- The corporation can reduce premiums based on risk reductions or mitigations.
- The corporation can establish agreements with new or acquiring businesses for reduced premiums.
- A probationary period is included during which the corporation assesses adherence to the agreement.
- The reduced premium rate may be extended if the business adheres to the agreement.
- If the business fails to adhere to the agreement, the reduced rate can be rescinded.
- This act amends Oregon Revised Statutes Chapter 656.
Who is affected
- Employers
- Workers' compensation insurance companies
- New business owners
- Businesses acquiring existing businesses
Notable changes
- Provides the State Accident Insurance Fund Corporation with increased authority to adjust premium rates based on risk assessment.
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