April 18, 2013
March 13, 2013(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.
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)