(1) There is established an Insurance Fund as a separate fund in the State Treasury, separate and distinct from the General Fund, which shall be used to provide insurance and self-insurance for the State of Oregon under this chapter, and for participating local public bodies under ORS § 30.282 and 278.125 to 278.215. The moneys in the Insurance Fund may be invested as provided in ORS § 293.701 to 293.857 in ‘investment funds’ as defined in ORS § 293.701 which includes the Insurance Fund. Interest earned by the fund shall be credited to the fund.

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Terms Used In Oregon Statutes 278.425

  • Department: means the Oregon Department of Administrative Services. See Oregon Statutes 278.005
  • Property: means real and personal property as defined in this section, and any other property under the control of the state in which the state has an insurable interest as determined by the department. See Oregon Statutes 278.005
  • public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
  • State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100

(2) The Insurance Fund shall be administratively separated to assure individual accountability of the state and local public body liability insurance programs under ORS § 30.282 and 278.125 to 278.215 and the state property insurance program under this chapter.

(3) All moneys arising from the operation of this section and ORS § 278.405, 278.415 and 278.435 and the provisions of this chapter and ORS § 30.260 to 30.300 and 278.322 shall be set aside by the State Treasurer and credited to the Insurance Fund. The moneys in the Insurance Fund are continuously appropriated to the Oregon Department of Administrative Services to administer the provisions of this chapter and ORS § 30.260 to 30.300 and 278.322. [1985 c.731 § 4; 1989 c.966 § 13]

 

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