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The Oregon Nonprofit Employers Trust is
chartered as a self-insured workers' compensation
trust, administered by Empire
Pacific Risk Management, Inc.
A formally elected Board of Directors
sets policy and governs the affairs of
ONET. The Trust's Bylaws stipulate the
Rules of Conduct and empower five individual
committees in the execution of major Trust
responsibilities. Directors and officers
must be active Trust members to be elected
and to retain their seat. The Board of
Directors meets six to eight times annually
and the Trust holds annual meetings open
to all members every April. By statute
the Trust must contract with licensed
and qualified service companies to manage
its day-to-day activities.
Each candidate Trust member must qualify
according to ONET's underwriting guidelines
and selection criteria and be approved
for membership by the State of Oregon.
Continued membership incorporates an annual
review and qualification process. All
members are jointly and severally liable.
The Trust files audited financial statements
with the State of Oregon each year. The
State establishes security amounts needed
to protect the interest of both the members
and the State. The State also monitors
the activities of the Trust every quarter
and adjusts the amount to ensure adequacy.
The Trust employs the use of various financial
instruments to equal this amount on an
ongoing basis.
Since its formation in 2002, ONET has
experienced measured growth. The Trust
provides a cost-effective workers' compensation
alternative for Oregon's community of
nonprofit organizations. Today, ONET provides
protection for millions of dollars in
member payroll exposures and has paid
thousands in timely claim payments. Much
like with an insurance company, individual
losses are reinsured on a statutory basis
through specific excess insurance. For
additional protection, it purchases aggregate
excess insurance to cap its annual claims
liability.
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