2011 Oregon Revised Statutes
ORS Volume 14, Chapters 645 - 669
ORS Chapter 656
656.443 Procedure upon default by employer.

(1) If an employer defaults in payment of compensation or other payments due to the Director of the Department of Consumer and Business Services under this chapter, the director may, on notice to the employer and any insurer providing workers compensation insurance coverage or a surety bond to such employer, use money or interest and dividends on securities, sell securities or institute legal proceedings on any surety bond or insurance policy for which a notice of coverage has been filed with the director to the extent necessary to make such payments.

(2) Prior to any default by the employer, the employer is entitled to all interest and dividends on securities on deposit and to exercise all voting rights, stock options and other similar incidents of ownership of the securities.

(3) If for any reason the certification of a self-insured employer is canceled or terminated, the security deposited with the director shall remain on deposit or in effect, as the case may be, for a period of at least 62 months after the employer ceases to be a self-insured employer. The security shall be maintained in an amount necessary to secure the outstanding and contingent liability arising from the accidental injuries secured by the security, and to assure the payment of claims for aggravation and claims arising under ORS 656.278 based on those accidental injuries. At the expiration of the 62-month period, or of another period the director may consider proper, the director may accept in lieu of the security deposited with the director a policy of paid-up insurance in a form approved by the director. [1975 c.556 36; 1981 c.854 31; 1987 c.373 32; 2007 c.241 14]