A plan to convert the state workers’ compensation insurance agency into a mutual company has been approved by the Oklahoma House.
The House voted 68-27 for the bill to convert CompSource Oklahoma into the CompSource Mutual Insurance Co.
The new company would be organized under state law, but independent of the state. It also would be regulated by the state Department of Insurance like private workers’ compensation insurers and be required to pay insurance premium taxes.
The House sponsor of House Bill 2201, Edmond Republican Rep. Randy Grau, says the bill would “level the playing field” and remove many of the competitive advantages CompSource currently enjoys.
Opponents of the bill say CompSource plays an important role as the state’s insurer of last resort.
The Senate has passed its own bill that would privatize the company.
Topics Oklahoma
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