HB 3331
Provides that a percentage of dividends paid by the State Accident Insurance Fund Corporation are redirected to a fund for catastrophic disaster preparedness.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill redirects a portion of dividends paid by the State Accident Insurance Fund Corporation to a new fund called the Oregon Catastrophic Responders Fund. The fund is intended to bolster the state’s preparedness for catastrophic disasters. An advisory board will be created to oversee the use of these funds and make recommendations to the legislature on disaster management policies. The board is directed to provide recommendations by February 1, 2027.
Key provisions
- 10% of dividend payments from the State Accident Insurance Fund Corporation will be deposited into the Oregon Catastrophic Responders Fund.
- An advisory board will be established to advise the Department of Emergency Management on fund expenditures and policy improvements.
- The Oregon Catastrophic Responders Fund will be maintained in the State Treasury and continuously appropriated to the Department of Emergency Management.
- Employers in default are ineligible to receive dividend payments.
- The advisory board must make recommendations to the Legislative Assembly by February 1, 2027.
Who is affected
- Employers insured by the State Accident Insurance Fund Corporation
- The State Accident Insurance Fund Corporation
- The State Treasurer
- The Oregon Department of Emergency Management
- The Legislative Assembly
Notable changes
- Creates a new fund, the Oregon Catastrophic Responders Fund, specifically for disaster preparedness.
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