HB 1046 Summary

• Transforms CompSource Oklahoma from a state agency into a mutual insurance company named the Oklahoma Mutual Insurance Company effective November 1, 2011

• Converts classified employees to non-merit system employees and allows unclassified employees to transition out of state employment at the company's discretion

• Establishes a 9-member Board of Directors consisting of 5 appointed members (by Governor with Senate consent) and 4 elected by policyholders, with staggered 6-year terms

• Requires the company to maintain actuarially sound rates, hire an independent actuary, and continue coverage for volunteer firefighters regardless of profitability

• Repeals existing CompSource Oklahoma statutes and makes the company subject to Title 36 (insurance) and Title 85 (workers' compensation) laws rather than state merit system requirements