BULLETIN NO. 9-2022
| To: |
All Workers' Compensation Companies |
| Re: |
Workers' Compensation Residual Market |
| From: |
Glen Mulready, Insurance Commissioner |
| Date: |
December 12, 2022 |
The Oklahoma Insurance Department (Department) is releasing this bulletin to inform all workers’ compensation insurers of the changes made to 36 O.S. 2021, Section 995, effectuated by Senate Bill 524. Effective November 1, 2022, Senate Bill 524 directs the Department to administer and develop an assigned risk plan to provide workers' compensation insurance coverage to employers who are unable to procure coverage in the voluntary market. The transition of the residual market from CompSource Mutual Insurance Company to the Department must occur no later than June 1, 2024.
Additionally, the new section of law created by Senate Bill 524 and codified in the Oklahoma Statutes as Section 608.2 of Title 36, states, in part, “The Insurance Commissioner may designate a third party including a private carrier or rating organization with substantial experience in developing and administering similar programs in other states, to develop and administer the assigned risk plan for a three-year period beginning on the effective date of this act.”
Effective November 1, 2022, the Department has designated National Council on Compensation Insurance, Inc. to develop and administer the assigned risk plan for Oklahoma.
Questions concerning this bulletin should be directed to Kim Hunter, General Counsel, at kim.hunter@oid.ok.gov.
|
