The Oregon Insurance Division reports Senate Bill 559, dealing with elimination of workers' compensation guaranty contracts, takes effect July 1, 2009.
SB 559 removes the requirement that employers and insurers provide proof of workers' compensation coverage by filing a guaranty contract with the Department of Consumer and Business Services.
The division said that a worker's compensation insurance policy "will take on the guaranty contract's function, which is to provide that the insurer will assume the employer's liability for prompt payment of compensation for compensable injuries."
The i...
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