Workers’ Compensation

ORS 656.634
Trust fund status of Industrial Accident Fund

(1)

The Industrial Accident Fund is a trust fund exclusively for the uses and purposes declared in this chapter, except that this provision shall not be deemed to amend or impair the force or effect of any law of this state specifically authorizing the investment of moneys from the fund.

(2)

Subject to the right of the State of Oregon to direct legislatively the disposition of any surplus in excess of reserves and surplus deemed actuarially necessary according to recognized insurance principles, and necessary in addition thereto to assure continued fiscal soundness of the State Accident Insurance Fund Corporation both for current operations and for future capital needs, the State of Oregon declares that it has no proprietary interest in the Industrial Accident Fund or in the contributions made to the fund by the state prior to June 4, 1929. The state disclaims any right to reclaim those contributions and waives any right of reclamation it may have had in that fund. [Formerly 656.454; 1967 c.335 §55; 1982 s.s.3 c.2 §4]

Notes of Decisions

Pre-1982 version of disclaimer of “proprietary interest” in Industrial Accident Fund was contract with employers insured by SAIF and, insofar as amendment applied to employers with contracts entered into prior to amendment, amendment was unconstitutional impairment of state’s contractual obligation. Eckles v. State of Oregon, 306 Or 380, 760 P2d 846 (1988)

Source

Last accessed
May 30, 2023

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