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

  § 85-401. CompSource Oklahoma insurance revenue report - Annual market equalization assessment payment.  

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  • NOTE:  This section is due to be repealed Jan. 1, 2015, by Laws 2013, c. 254, § 53.

    A.  CompSource Oklahoma shall, annually, on or before the first day of March, report under oath of the President and Chief Executive Officer of CompSource Oklahoma to the State Treasurer, the total amount of direct written premiums and membership, application, policy and registration fees charged by CompSource Oklahoma during the preceding calendar year for insurance covering one or more of the following:

    1. Insuring employers against liability for compensation under Sections 131 through 151 of Title 85 of the Oklahoma Statutes;

    2. Assuring for the persons entitled thereto compensation provided by the workers’ compensation law;

    3. 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; and

    4. Insuring employers against liability incurred as the result of injuries sustained by employees engaged in employment subject to the Longshoremen’s 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.

    B.  CompSource Oklahoma, at the time the report required by subsection A of this section is filed, shall pay to the State Treasury to the credit of the General Revenue Fund, an annual market equalization assessment on all of the direct written premiums after all returned premiums are deducted, on all membership, application, policy and registration fees, and installment and finance fees or charges collected by CompSource Oklahoma, relating to written, continued and serviced insurance for purposes listed in paragraphs 1 through 4 of subsection A of this section; provided, no deduction shall be made from premiums for dividends paid to policyholders.  The rate of assessment shall be two and twenty-five-one-hundredths percent (2.25%).  If CompSource Oklahoma fails to remit the assessments in a timely manner, it shall remain liable therefor together with interest thereon at an annual rate equal to the average United States Treasury Bill rate of the preceding calendar year as certified by the State Treasurer on the first regular business day in January of each year, plus four (4) percentage points.

Added by Laws 2009, c. 426, § 21, eff. Jan. 1, 2010.  Renumbered from § 154 of this title by Laws 2011, c. 318, § 88.