2015 Oklahoma Statutes
Title 85. Workers' Compensation
§85-375.9. Reserves – Power and authority.

85 OK Stat § 85-375.9 (2015) What's This?

A. The Company shall establish and maintain reserves for losses on an actuarially sound basis in accordance with requirements as provided in Title 36 of the Oklahoma Statutes.

B. Pursuant to Section 2123 of Title 36 of the Oklahoma Statutes and in accordance with criteria approved by the Board, which may consider the policyholder's safety record and performance, the Company may pay cash dividends or allow a credit on renewal premium for policyholders insured with the Company.

C. The Company shall have full power and authority:

1. To enter into contracts of insurance insuring persons, firms and corporations against loss, expense or liability by reason of bodily injury, death or accident, occupational disability, or occupational disease suffered by employees for which the insured may be liable or have assumed liability, including, but not limited to, contracts of insurance or reinsurance for the purpose of insuring employers operating in this state and their employees who may work outside this state;

2. To purchase reinsurance for any risk or any portion of any risk of the Company. The purchase of reinsurance may be made through intermediaries;

3. To establish a multitiered premium or rating system to provide workers' compensation insurance policies to insureds in the state, which may allow premium adjustments based upon the Company's evaluation of the underwriting characteristics on the individual risk and the appropriate premium to be charged for the policy coverages; and

4. To establish subsidiaries to provide the same coverages allowed in subsections B and C of Section 3 of this act.

D. The Company may decline to insure any risk in which the minimum requirements of the law with regard to construction, equipment and operation are not observed, or which is beyond the safe carrying of the Company, but as an I.R.C. Section 501(c)(27)(B) organization shall not have power or authority, except as otherwise provided in this act, to refuse to insure any compensation risk tendered with the premium therefor.

E. In addition to other rights of the Company under this act, the Company has the legal rights of a mutual insurance company operating under Title 36 of the Oklahoma Statutes, and of a private person in this state, and has the power to sue and be sued in its own name. No procedure is a prerequisite to the exercise of the power by the Company to sue.

Added by Laws 2013, c. 254, § 9.

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