OR's 2009 Proof Of Coverage Law Change

Portland, OR (CompNewsNetwork) - Starting July 1, 2009, Oregon will have a new proof of coverage system for workers' compensation insurance.
The new system eliminates guaranty contracts and replaces them with electronic reporting of insurance policy information.

Insurers may not issue a guaranty contract for a policy with an effective date of July 1, 2009, or later. The recently issued Bulletin 162 provides updated forms for submitting historical coverage records, corrections, endorsements, and for terminating active guaranty contracts. The Department of Consumer and Business
Services will not accept a guaranty contract as proof of coverage if it has an effective date of July 1, 2009, or later.

Every company that writes workers' compensation insurance in Oregon must comply with the new law. More information about the new proof of coverage system is available on the Workers' Compensation Division's Web site at http://www.cbs.state.or.us/wcd/communications/sb559.html.

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