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Responding to the recent filing of House Bill 2662 and Senate Bill 2232 in Oklahoma, CompSource Oklahoma, the state’s workers’ compensation fund, opposes both bills, which call for the sale of CompSource to the highest bidder.

CompSource Oklahoma outlined the reasons why it opposes the bill:

• The sale of CompSource is contrary to Oklahoma law. As was previously decided in 1975 by the Supreme Court of Oklahoma in Moran v. Derryberry, 1975 OK 69, the Oklahoma Supreme Court unanimously ruled that CompSource funds are to be held in trust for the benefit of its policyholders and their employees. Passing a bill aimed at testing whether Moran is the law will bring unnecessary legal challenge at taxpayer expense with the likelihood that Moran would be upheld.
• Selling CompSource would be detrimental to CompSource policyholders and Oklahoma’s small businesses. Without CompSource, the state runs the risk that many small employers would be unable to obtain affordable workers’ compensation coverage. CompSource’s existence as a non-profit offers an option to Oklahoma businesses aside from commercial carriers that have a profit incentive. Having CompSource in the market with commercial carriers acts as a stabilizing force and ensures rates remain affordable for all businesses.
• When workers’ compensation was originally required in statute for most businesses, some were unable to find coverage. As a result there was a need for an assured market to provide Oklahoma businesses a guaranteed option for coverage. CompSource was created by the Oklahoma legislature to also fill that need.

“CompSource has proven to be a strong economic development resource for Oklahoma businesses,” said Jason Clark, CompSource president and CEO. “Having CompSource as a guaranteed option for Oklahoma businesses is still necessary in today’s insurance market. CompSource insures a large percentage of the state’s high-risk, small and start-up companies – businesses that other insurance companies historically have chosen not to write because it simply was not profitable. A sale would adversely impact not only CompSource’s policyholders’ rates, but other businesses as well because it would eliminate a competitive market.”

CompSource Oklahoma is a non-profit, self-supporting workers’ compensation insurance company established in 1933. CompSource does not receive any state appropriated funds and operates solely from investment income and premiums generated from policyholders.

Source: CompSource Oklahoma

Topics Workers' Compensation Oklahoma