HB 1046 Summary

• Converts CompSource Oklahoma into a mutual insurance company named Oklahoma Mutual Insurance Company, effective November 1, 2011.

• Transfers employees of CompSource to the new company at company discretion; classified employees may elect to remain with the state.

• Establishes a 9-member Board of Directors (5 appointed by Governor, 4 elected by policyholders) with 6-year staggered terms to govern the company.

• Requires the company to maintain actuarially sound rates, pay applicable taxes, participate in insurance guaranty associations, and continue coverage for volunteer firefighters.

• Repeals sections of law establishing the Board of Managers of the State Insurance Fund (CompSource Oklahoma).