State Accident Insurance Fund

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The State Accident Insurance Fund Fund (SAIF) is a state-funded non-profit employment compensation insurance company in the US state of Oregon. It provides workers' compensation insurance and workplace safety services to Oregon entrepreneurs, and claims management for injured workers. It's based in Salem, Oregon.

Video State Accident Insurance Fund

History

SAIF was formed in 1914 by the Oregon Legislative Assembly as a state institution, and in 1980 became the first American public company specializing in workers compensation insurance. The board of directors, appointed by the governor, oversees the operations of the company. Kerry Barnett, formerly an executive with Portland, OR-based Cambia, was elected president and CEO of SAIF in 2015.

SAIF does not pay state income tax, which gives it the ability to set its price policy competitively. Private competitor Liberty Northwest, a subsidiary of Liberty Mutual, has publicly criticized the laws governing SAIF for some time.

In 2004, voters rejected the size of the ballot that would remove SAIF. The measure was defeated with 61 percent of the vote.

In 2005, SAIF was investigated for allegedly failing to provide documents to nonprofit groups, particularly on lobbying contracts with former Governor Neil Goldschmidt. The investigation determined that SAIF did not make any mistakes. SAIF issued a report on its status to Governor Ted Kulongoski in early 2005.

In 2007, SAIF started an internally designed and run health program which, by 2017, has a 99% participation rate among employees. The Company discounts the health insurance premium and employee deductible if the employee is involved in the program.

In 2009, the Oregon legislature passed the bill, sponsored by SAIF in collaboration with Liberty Northwest and other partners, to change how to access SAIF records.

In July 2014, former President and CEO John Plotkin sued SAIF for his sacking by the council earlier that year. The case was resolved in January 2017.

The Board of Directors of SAIF has announced a dividend for policyholders every year since 2010, returning a total of more than $ 1 billion to its Oregon customers.

About 50,000 Oregon entrepreneurs and just under 600,000 workers (35 percent of Oregon's workforce) are insured by SAIF. The company employs over 900 people in seven offices across the state.

Due to some of the workplace safety efforts, the rate of pure Oregon premiums for worker compensation insurance has declined or remained the same for 24 of the last 26 years. Oregon officials estimate that it has resulted in cumulative savings for entrepreneurs in Oregon over $ 17 billion.

Maps State Accident Insurance Fund

References

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External links

• SAIF website
• Zimmerman, Rachel (August 11, 1999). "Comp Worker in Oregon Probably at Shake-Up". The Wall Street Journal .
• Eure, Rob (November 1, 2000). "Workers Comp Overhaul Have Both Sides Cry Foul". The Wall Street Journal .

Source of the article : Wikipedia