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Key Votes

HB 2201 - Requires Private Ownership of the State Workers' Compensation Insurer - Key Vote

Oklahoma Key Votes

Mary Fallin signed this Legislation.

Read statements Mary Fallin made in this general time period.

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Legislation - Signed (Executive) -

Title: Requires Private Ownership of the State Workers' Compensation Insurer

Legislation - Concurrence Vote Passed (House) (67-30) -
Legislation - Bill Passed With Amendment (Senate) (42-3) -
Legislation - Bill Passed (House) (68-27) - (Key vote)

Title: Requires Private Ownership of the State Workers' Compensation Insurer

Vote Smart's Synopsis:

Vote to pass a bill that requires private ownership of the state workers' compensation insurer, effective January 1, 2015.

Highlights:
  • Requires the state workers’ compensation insurer to be organized and operated under Oklahoma law and be independent of the State of Oklahoma (Sec. 4).
  • Requires the CompSource Oklahoma to be referred to as “CompSource Mutual Insurance Company” and to operate as a domestic mutual insurer without capital stock or shares (Sec. 4).
  • Requires the CompSource Mutual Insurance Company to meet certain criteria including, but not limited to, the following criteria (Secs. 11-13 & 30):
    • To be a continuation of CompSource Oklahoma with control of its property and fund;
    • To be subject to premium taxes in the same manner as a domestic mutual insurance company authorized to write workers’ compensation insurance;
    • To be a member of the Oklahoma Property and Casualty Insurance Guaranty Association; 
    • To file all financial reports with the Oklahoma Workers’ Compensation Court and the Oklahoma Insurance Department; 
    • To pay the Oklahoma Tax Commission a sum equal to 0.75 percent of the total worker’s compensation losses excluding medical payments and temporary disability compensation.
  • Authorizes the CompSource Mutual Insurance Company to establish subsidiaries (Sec. 10).
  • Requires the Insurance Commissioner of the Oklahoma Insurance Department to meet certain criteria including, but not limited to, the following criteria (Sec. 4):
    • To regulate the CompSource Mutual Insurance Company;
    • To approve the CompSource Mutual Insurance Company’s articles of incorporation; and
    • To issue a certificate of authority to the CompSource Mutual Insurance Company to write workers’ compensation insurance.
  • Authorizes the Insurance Commissioner to require the CompSource Mutual Insurance Company to file a report as the commissioner deems necessary if the commissioner has received complaints from individuals of unfair claim settlement practices by the company (Sec. 22)
Legislation - Introduced (House) -

Title: Requires Private Ownership of the State Workers' Compensation Insurer

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