The State Accident Insurance Fund Corporation was affected by a new bill in the state of Oregon. The new bill is labeled HB 2634 and authorizes a letter of credit or alternative security to present to the State Accident Insurance Fund Corporation in place of the surety bond required under present legislation. HB 2634 sanctions the State Accident Insurance Fund Corporation to require any employer insured under the Corporation to submit a deposit for the Industrial Accident Fund. In the place of the deposit, a surety bond may be acquired to meet the requirements.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.