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The Oregon Contractors Workers' Compensation
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
OCWCT. The Trust's Bylaws stipulate the
Rules of Conduct and empower six 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 July. 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 OCWCT'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. Actuarial
reviews are conducted each year, the results
of which are used to establish funding
levels for future liabilities. 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.
The Trust has experienced stable growth
since 1997. It now has hundreds of members
that account for millions of dollars in
annual contributions. It has earned the
respect and sponsorship of numerous major
Oregon trade associations. Today OCWCT
provides protection for hundreds of millions
in member payroll exposures and has paid
millions in timely claim payments. Throughout
its history, OCWCT has always set aside
reserves at our above levels determined
by its actuary while at the same time
maintaining the State's security requirements.
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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