A. Effective January 1, 2015, CompSource Oklahoma shall operate as, and exercise the powers of, a domestic mutual insurer without capital stock or shares, in accordance with Title 36 of the Oklahoma Statutes, and shall be called CompSource Mutual Insurance Company. The Insurance Commissioner shall approve the Company's articles of incorporation and issue a certificate of authority to the Company to write workers' compensation insurance, as provided by Title 36 of the Oklahoma Statutes, not later than August 1, 2014, which shall become effective January 1, 2015. The Chief Executive Officer of CompSource Oklahoma shall take any measure necessary to accomplish the transition from CompSource Oklahoma to CompSource Mutual Insurance Company.
B. The Company shall be organized as a corporation benefiting the citizens of Oklahoma by providing workers' compensation and related coverages which are competitively priced that generally benefit the public, but remain a financially independent entity that is neither more nor less than self-supporting.
C. The Company may provide related coverage which is incidental to workers' compensation insurance, including but not limited to coverage for risks under the Longshore and Harbor Workers' Compensation Act (33 U.S.C. Section 901 et seq.) and 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 and other coverage related to employee and employment risks.
D. The Company shall provide workers' compensation insurance coverage for volunteer firefighters as provided in Section 380 of Title 85 of the Oklahoma Statutes, as amended by this act.
E. The Company shall be an insurance carrier for purposes of the Workers' Compensation Code.
F. Except as otherwise provided in this act, the Company shall be subject to the requirements of Title 36 of the Oklahoma Statutes and all regulatory authority granted to the Insurance Commissioner as would any other domestic mutual insurance company.
G. The Company shall be exempt from the following provisions of Title 36 of the Oklahoma Statutes until three (3) years after the Company begins operating pursuant to subsection A of Section 3 of this act:
1. Article 9;
2. Article 9A, other than Section 924.2 of Title 36 of the Oklahoma Statutes; and
3. Article 9B.
H. CompSource Mutual Insurance Company shall not be considered a state agency, public body, department, public trust, or any other term used to describe an entity which is a part of the Executive Branch of the State of Oklahoma under any state statute or regulation, except as otherwise provided for in the CompSource Mutual Insurance Company Act. As such, Oklahoma state statutes that shall not apply to CompSource Mutual Insurance Company include, but are not limited to:
1. Sections 301 through 314 of Title 25, Oklahoma Open Meeting Act;
2. Sections 151 through 158.2 of Title 47, State-Owned Automobiles;
3. Sections 24A.l through 24A.29 of Title 51, Oklahoma Open Records Act;
4. Sections 151 through 200 of Title 51, The Governmental Tort Claims Act;
5. Title 61 of the Oklahoma Statutes, Public Buildings and Public Works;
6. Title 62 of the Oklahoma Statutes, Public Finance;
7. Sections 3-101 through 3-115 of Title 65, Department of Libraries;
8. Sections 201 through 217 of Title 67, Records Management Act;
9. Sections 301 through 303 of Title 67, Reproduction of Public Records;
10. Sections 305 through 317 of Title 67, Archives and Records Commission;
11. Sections 82.1 through 97 of Title 73, Capitol Grounds and Surroundings;
12. Chapters 4, 8, 10, 13, 17, 19, 27A, 30, 31, 37, 37A, 37B, 38A, 38B, 45, 45A, 48, 49, 50, 53, 56, 61, 81 and 110A of Title 74; and
13. Section 34.2 of Title 80.
I. By enacting the CompSource Mutual Insurance Company Act, the Legislature creates CompSource Mutual Insurance Company which, subject to the provisions of this act:
1. Shall be organized and operated under Oklahoma law, but be independent of the State of Oklahoma;
2. Shall provide workers' compensation insurance to any employer in Oklahoma which seeks such insurance and meets other reasonable requirements relating thereto;
3. Shall not be permitted to dissolve; and
4. Shall have a majority of the Board of Directors or oversight body of such organization appointed by the Governor or legislative officers as specified in Section 4 of this act.
J. Effective January 1, 2015, any references in the Oklahoma Statutes to CompSource Oklahoma or The State Insurance Fund shall be deemed references to CompSource Mutual insurance Company.
Added by Laws 2013, c. 254, § 3.