HB 2238 Summary

• Eliminates the Workers' Compensation Fund and reduces three separate funds to two: the Multiple Injury Trust Fund and the Self-insurance Guaranty Fund.

• Creates the Workers' Compensation Commission Revolving Fund and Workers' Compensation Administrative Fund, funded by fines, penalties, and tax assessments on insurance carriers and self-insured employers.

• Redirects assessment revenues: $2.55 million annually to Department of Labor ($1.275 million), Attorney General ($637,500), and Oklahoma Department of Career and Technology Education ($637,500).

• Eliminates insurance rate restrictions on assessments and establishes that no more than one-third of assessments can be charged to policyholders.

• Effective July 1, 2015, with emergency clause allowing immediate implementation.