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

  § 85-389. Expenses of administration - Budget - Limitation on amount - Audit of accounts and records - Annual financial statement - Audit of Fund.  

Latest version.

  • NOTE:  This section is due to be repealed Jan. 1, 2015, by Laws 2013, c. 254, § 53.

    The entire expenses of administering "CompSource Oklahoma" shall be paid out of such fund upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.  On or before the first day of June of each year, or as soon thereafter as possible, there shall be submitted to the Board of Managers of CompSource Oklahoma, for approval, an estimated budget of expenses for the succeeding fiscal year.  The CompSource Oklahoma President and Chief Executive Officer may not expend from the funds belonging to CompSource Oklahoma for purposes of administering any sum in excess of the amount specified in such budget for any item of expense therein set forth unless such expenditure is authorized by the Board of Managers of CompSource Oklahoma.  In no event shall the entire expenses of administration of CompSource Oklahoma, as authorized for the entire year, exceed twenty percent (20%) of the earned premiums of the year.  The Board of Managers may use present value discounting at a rate of four percent (4%) for computing reserves.  The Board of Managers shall cause to be made and completed within ninety (90) days after the end of each calendar year, an audit of the books of account and financial records of the fund for such calendar year, such audit to be made by an independent certified public accountant, a licensed public accountant, a firm of certified public accountants, or an accounting firm or individual holding a permit to practice accounting in this state.  The audit shall be filed with the Director of the Office of Management and Enterprise Services in accordance with the requirements set forth for financial statement audits in Section 212A of Title 74 of the Oklahoma Statutes.

    CompSource Oklahoma shall submit to the State Insurance Commissioner an annual financial statement in the same manner as a domestic insurance carrier.  The Insurance Commissioner may audit CompSource Oklahoma in the same manner as a domestic insurance company if an audit does not conflict with any specific provision contained herein.  The CompSource Oklahoma President and Chief Executive Officer shall provide a copy of the annual financial statement to the Governor and CompSource Oklahoma Board of Managers.

Added by Laws 1933, c. 28, p. 62, § 1 (§ 9), eff. July 1, 1933.  Amended by Laws 1937, p. 490, § 11, emerg. eff. May 14, 1937; Laws 1987, c. 231, § 2, eff. July 1, 1987; Laws 1989, c. 291, § 10, eff. July 1, 1989; Laws 1992, c. 60, § 2, eff. July 1, 1992; Laws 1996, c. 363, § 9, eff. Nov. 1, 1996; Laws 1997, c. 2, § 24, emerg. eff. Feb. 26, 1997; Laws 2002, c. 50, § 17, eff. Nov. 1, 2002.  Renumbered from § 139 of this title by Laws 2011, c. 318, § 88.  Amended by Laws 2012, c. 304, § 1081.

Note

NOTE:  Laws 1996, c. 290, § 21 repealed by Laws 1997, c. 2, § 26, emerg. eff. Feb. 26, 1997.