Security Deposit Information
Oregon Insurance Division
Marcia R. Jones, Administrative Specialist
Overnight mailing address: 350 Winter St. NE, Salem OR, 97301-3883
U. S. Bank
Contact the bank directly for information regarding opening an account or for trade settlement instructions.
Overnight mailing address: 111 S.W. 5th Avenue, 6th Floor, Portland OR, 97204
Instructions for deposit
You are urged to periodically review your security deposits to assure your company maintains sufficient market value for the class or classes for which the deposit is required. This is particularly important for workers' compensation deposits. ORS 731.616(3) provides only a 30-day period for increasing a deposit deficiency after notice from the Director.
Assignment of deposited securities
Securities held at US Bank are held in a custodial account under the control of the Director.
ORS 731.620(1) requires that "the insurer shall assign in trust to the Director of the Department of Consumer and Business Services and successors in office all securities being deposited through the director under the Insurance Code that are not negotiable by delivery "
Eligible securities are amply secured obligations of the United States, a state, or a political subdivision of a state.
For deposit purposes, securities must have a NAIC SVO rating of 1 per the most recent Valuation of Securities Manual. Should the designation be lowered after the deposit is made, the insurer must replace the security within 30 days.
The margin between the amount requested and the basic requirement stated in the Oregon Insurance Code is set to cover market value fluctuations, pursuant to ORS 731.616(2).
The following describes some acceptable and unacceptable deposits for Oregon statutory deposit requirements: