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Oklahoma Bill Would Create Workers’ Comp Assigned Risk Plan
April 21, 2021
A bill working its way through the Oklahoma Legislature would allow for the creation of an assigned risk plan providing workers’ compensation insurance.
Senate Bill 524 would also repeal the CompSource Mutual Insurance Company Act; CompSource Mutual is currently the state’s workers’ comp market of last resort. The insurance commissioner would be directed to develop the plan and would determine the rates to be charged, which can’t be excessive, inadequate or unfairly discriminatory.
The bill is supported by the Oklahoma independent insurance agents’ association, Big I Oklahoma.
In a media release Big I Oklahoma President and CEO Denise Johnson, said “separating the residual market and establishing it as a stand-alone entity, regulated by the Oklahoma Department of Insurance, allows for a level and fully competitive workers’ compensation ....

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