(1) There is created a revolving fund known as the Emergency Fund, which shall be deposited and maintained with the State Treasurer in the sum of $200,000.
(2) The Emergency Fund shall be disbursed by checks or orders issued by the State Accident Insurance Fund Corporation and drawn upon the State Treasurer:
(a) To pay compensation benefits.
(b) To refund to employers amounts paid to the Industrial Accident Fund in excess of the amounts required by this chapter.
(c) To distribute any surplus to employers as required by ORS 656.526.
(d) To distribute any moneys recovered from an employer or third party in which the State Accident Insurance Fund Corporation has no equity.
(e) To pay administrative expenses.