Oregon insurance regulators say they’ve stopped moving to decertify a workers’ compensation self-insurance trust after the group increased its security deposit.
The Department of Consumer and Business Services said Monday that the Oregon Employers Trust Inc. submitted a letter of credit from a bank. The state had earlier threatened to decertify the trust unless it could increase its security deposit by $750,000 to $3.95 million.
Oregon Employers Trust is the state’s largest private group of employers that self-insure for workers’ compensation. It includes about 200 companies.
State officials say the security deposit ensures the trust can pay benefits for workers facing job-related injuries or illnesses.
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