2015 Oklahoma Statutes
Title 85. Workers' Compensation
§85-375.12. Revenues, monies and assets – Rights, privileges, powers and authority of mutual insurance companies.

85 OK Stat § 85-375.12 (2015) What's This?

A. All revenues, monies, and assets of CompSource Mutual Insurance Company belong solely to the Company and shall be governed by the laws applicable to domestic mutual insurance companies. The state covenants with the policyholders of the Company, persons receiving workers' compensation benefits, and the Company's creditors that the state will not borrow, appropriate, or direct payments from those revenues, monies, or assets for any purpose. The state has no liability or responsibility to the policyholders, persons receiving workers' compensation benefits, or the creditors of the Company if the Company is placed in conservatorship or receivership, or becomes insolvent.

B. CompSource Mutual Insurance Company may exercise all the rights, privileges, powers, and authority of any other mutual insurance company organized to transact workers' compensation insurance business in this state, subject to the requirements of Title 36 of the Oklahoma Statutes. Effective January 1, 2015:

1. The Company shall be considered to be a continuation of CompSource Oklahoma as it existed prior to this act; and

2. As a continuation of CompSource Oklahoma, the Company is vested with all property, tangible and intangible, real and personal, of CompSource Oklahoma and control of the CompSource Oklahoma fund.

C. Effective January 1, 2015:

1. CompSource Mutual Insurance Company may enforce all contract and statutory rights of CompSource Oklahoma;

2. Each debt, claim, and cause of action of CompSource Oklahoma, and each property right, privilege, franchise, or other interest of CompSource Oklahoma, is the property of CompSource Mutual Insurance Company;

3. The rights of all policyholders and creditors and the standing of all claims under CompSource Oklahoma are preserved unimpaired under CompSource Mutual Insurance Company; and

4. Each debt, liability, and duty of CompSource Oklahoma is a debt, liability, or duty of CompSource Mutual Insurance Company and may be enforced against CompSource Mutual Insurance Company.

D. A cause of action or similar proceeding to which CompSource Oklahoma was a party pending on January 1, 2015:

1. Is not affected by this act;

2. May be continued to be prosecuted by or against the Company; and

3. Continues to be governed by and conducted under the requirements of the Oklahoma Statutes, as those requirements existed before the effective date of this act, and the applicable bylaws, rules, and regulations of CompSource Oklahoma.

E. The rates established by the Board of Directors of the Company, or formerly established by the Board of Managers of CompSource Oklahoma and in effect on the effective date of this act for CompSource Oklahoma shall be the initial rates for CompSource Mutual Insurance Company.

Added by Laws 2013, c. 254, § 12.

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