278.440 Report on financial condition of Insurance Fund; report contents; recommendations; contracting power
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278.440 Report on financial condition of Insurance Fund; report contents; recommendations; contracting power.
(1)Not later than January 31 of each even-numbered year, the Oregon Department of Administrative Services shall research, compile, prepare and deliver to the Legislative Assembly in accordance with ORS 192.245 a report on the financial condition and stability of the Insurance Fund established under ORS 278.425. The report, at a minimum, must examine and provide:
(a)An overview of the purpose, uses and structure of the Insurance Fund;
(b)The unencumbered balance of the Insurance Fund as of December 31 of the year preceding the year in which the report is due;
(c)A list of the claims the Insurance Fund has closed in the previous two years in which the amount paid exceeds $1 million;
(d)A list of the amounts, rates and apportionment of the assessments, charges and contributions that state agencies and other participants currently pay into the Insurance Fund and a trend line or other measurement that shows increases or decreases in the assessments, charges or contributions within the previous two years;
(e)The date and results of the last audit of the Insurance Fund that the department performed or had another person perform;
(f)An accounting of moneys that were advanced to the Insurance Fund from other funds in the State Treasury that shows the amount and date of each advance, the source of the advance, the reason and purpose for the advance and the current terms and conditions and progress of repayments of the advance; and
(g)An evaluation of the actuarial soundness of the Insurance Fund.
(2)In addition to the items listed in subsection
(1)of this section, the report must recommend strategies and actions necessary to achieve and maintain the solvency and actuarial soundness of the Insurance Fund and all components of the Insurance Fund.
(3)The department may contract with an entity outside of state government to conduct or assist with conducting the research, compilation and preparation of the report described in subsection
(1)of this section.
(4)All agencies of state government, as defined in ORS 174.111, and all other participants in the Insurance Fund, are directed to cooperate with and assist the department in carrying out the department’s duties under this section. [2025 c.288 §2]