OK SB1996

CompSource Oklahoma must enter into a public-private partnership with a private enterprise company to transition into a privately owned entity within five (5) years of the effective date.

Bifurcates existing claims and reserves (on or before effective date) from new business claims (after effective date) to be managed under separate service contracts.

Private company must manage claims under two contracts: an "Inforce Runoff Contract" for existing claims focused on expediting processing and reducing litigation, and a "New Business Contract" for new claims that maintains price stability and market availability.

CompSource Oklahoma retains its existing tax status despite the privatization transition.

Effective date is November 1, 2010.