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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 85. WORKERS' COMPENSATION

  § 85-376.1. Creation of CompSource Oklahoma – Purpose – Character and contents – Use - Exemptions - Name.  

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  • NOTE:  This section is due to be repealed Jan. 1, 2015, by Laws 2013, c. 254, § 53.

    There is hereby created and established a fund to be known as "CompSource Oklahoma", to be administered by a President and Chief Executive Officer, without liability on the part of the state beyond the amount of said fund, for the purpose of insuring employers against liability for compensation under Sections 376.1 through 400 of this title, and for assuring for the persons entitled thereto compensation provided by the workers' compensation law, and for the further purpose of insuring persons, firms and corporations against loss, expense or liability by reason of bodily injury, death by accident, occupational disability, or occupational disease suffered by employees, for which the insured may be liable or have assumed liability.  Said fund may further provide insurance for employers against liability incurred as the result of injuries sustained by employees engaged in employment subject to the Longshore and Harbor Workers' Compensation Act, 33 U.S.C., Section 901 et seq., or employees engaged in employment subject to Title IV of the Federal Coal Mine Health and Safety Act of 1969 as amended by the Black Lung Benefits Act of 1972, as enacted or as may be amended by the Congress of the United States.

    1.  CompSource Oklahoma shall be a revolving fund and shall consist of all premiums received and paid into said fund for insurance issued, all property and securities acquired by and through the use of monies belonging to the fund and all interest earned upon monies belonging to the fund and deposited or invested as herein provided.

    2.  Said fund shall be applicable to the payment of losses sustained on account of insurance and to the payment of expenses in the manner provided in Sections 376.1 through 400 of this title.

    3.  Said fund shall be fairly competitive with other insurance carriers and it is the intent of the Legislature that said fund shall become neither more nor less than self-supporting.

    4.  CompSource Oklahoma shall report to the Insurance Commissioner no later than the last day of February of each year the amount of premium taxes and fees for which it would be liable if it were operating as a private carrier.

    5.  CompSource Oklahoma shall not be subject to:

    a.Sections 301 through 314 of Title 25, Oklahoma Open Meeting Act,

    b.Sections 151 through 158.2 of Title 47, State-Owned Automobiles,

    c.Sections 24A.l through 24A.29 of Title 51, Oklahoma Open Records Act,

    d.Title 61 of the Oklahoma Statutes, Public Buildings and Public Works,

    e.Sections 3-101 through 3-115 of Title 65, Department of Libraries,

    f.Sections 201 through 217 of Title 67, Records Management Act,

    g.Sections 301 through 303 of Title 67, Reproduction of Public Records,

    h.Sections 305 through 317 of Title 67, Archives and Records Commission,

    i.Sections 81 through 97 of Title 73, Capitol Grounds and Buildings,

    j.Sections 3301 through 3305 of Title 74, State Agencies,

    k.Chapters 4, 8, 10, 13, 19, 30, 31, 48, 49, 53, 56, 81 and ll0A of Title 74,

    l.Section 34.2 of Title 80, and

    m.all provisions from which CompSource Oklahoma was permanently exempted pursuant to Sections 3316 and 3317 of Title 74.

    6. To facilitate the transition from operating as CompSource Oklahoma to CompSource Mutual Insurance Company, CompSource Oklahoma may, but is not required to, comply with:

    a.Title 62 of the Oklahoma Statutes, Public Finance,

    b.Chapters 16, 17, 27A, 37, 37A, 37B, 38A, 38B, 45, 45A and 61 of Title 74 of the Oklahoma Statutes, and

    c.any other provision in the Oklahoma Statutes as is necessary to facilitate the transition from CompSource Oklahoma to CompSource Mutual Insurance Company.

    7.  The official name of the fund which is known as "The State Insurance Fund" shall be designated in all future references as "CompSource Oklahoma".  Any references in the Oklahoma Statutes to The State Insurance Fund shall be deemed references to CompSource Oklahoma.

Added by Laws 1933, c. 28, p. 58, § 1 (§ 1), eff. July 1, 1933.  Amended by Laws 1937, p. 487, § 3, emerg. eff. May 14, 1937; Laws 1972, c. 193, § 1, emerg. eff. April 7, 1972; Laws 1994, 2nd Ex. Sess., c. 1, § 39, emerg. eff. Nov. 4, 1994; Laws 1995, c. 326, § 3, emerg. eff. June 8, 1995; Laws 2001, c. 378, § 1, eff. July 1, 2001; Laws 2002, c. 50, § 6, eff. Nov. 1, 2002.  Renumbered from Title 85, § 131 by Laws 2011, c. 318, § 88.  Amended by Laws 2013, c. 254, § 43.  Renumbered from § 375 of this title by Laws 2013, c. 254, § 54.