HB 2117 Summary

• Amends Section 375.3 of Title 85 of Oklahoma Statutes to require CompSource Mutual Insurance Company to pay commissions for all business brokered through the company, with a minimum commission of not less than 5% of total premium or the average commission paid by all competitors.

• CompSource Mutual Insurance Company shall operate as a domestic mutual insurer without capital stock, organized to benefit Oklahoma citizens by providing competitively priced workers' compensation and related coverages while remaining financially self-supporting.

• Company is exempt from specific provisions of Title 36 of Oklahoma Statutes (Articles 9, 9A except Section 924.2, and 9B) for three years after beginning operations on January 1, 2015.

• Company is not considered a state agency and is exempt from numerous Oklahoma statutes including open meetings laws, open records laws, tort claims laws, and public finance laws.

• Effective date of the act is November 1, 2015, with all statutory references to CompSource Oklahoma or The State Insurance Fund deemed references to CompSource Mutual Insurance Company effective January 1, 2015.