The Oklahoma Senate has approved legislation to privatize the state’s nonprofit workers’ compensation agency.
The Senate passed the measure by a vote of 36-11. It heads to the House, where a similar bill is pending.
The bill by Senate President Pro Tem Brian Bingman of Sapulpa would convert CompSource Oklahoma from a state entity to a private company owned by its policyholders. Supporters say a state agency should not by competing with private insurers. But opponents fear privatization could lead to dramatic increases in workers’ comp insurance rates.
State law requires employers to have insurance to compensate injured workers. CompSource was created by the Legislature in 1933 as an insurer of last resort. It has thousands of policyholders, including state, county and municipal government agencies, and it writes 35 percent of the workers’ compensation policies in the state.
State lawmakers failed to pass a measure to privatize CompSource in 2010.
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