Statutory Update: Okla. Group Self-Insurer Rules, Requirements, Exemption

Oklahoma City, OK (WorkersCompensation.com) -- When the calendar changers over to November in about a week, a new law will kick in in Oklahoma governing group self insurers.

So, what will be new in the Sooner State? Here's a look at what the statute requires.

Pooling

Under the law, the state's Workers' Compensation Commission will adopt rules permitting two or more employers to pool together liabilities for the purpose of qualifying as a group self-insurer. Under that arrangment, each employer will be classified as a self-insurer.

Distribution of Surplus

The statute directs the WCC to approve the distribution of all undistributed policyholders' surpluses of a workers' compensation self-insurance program if the program meets the following criteria:

1. It's been in business for at least five years.
2. Its financial statements have been audited by a public accounting firm that audits at least one corporate client that has assets in excess of $1,000,000,000 and on which the accounting firm has issued an unqualified opinion as to the fair presentation of the financial position of the program showing adequate solvency and reserves.
3. It's in compliance with the provisions of Oklahoma's workers' compensation statutes and regulations.

Securities Act

A group self-insurer for workers' compensation purposes won't be subject to the provisions of the Oklahoma Uniform Securities Act of 2004, which generally governs other insurers.

Get the latest compliance information from 53 U.S. jurisdictions, including Oklahoma, from WorkCompResearch

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