§ 398. Group self-insurers

Oklahoma Statutes AnnotatedTitle 85. Workers' CompensationEffective: [See Text Amendments] to October 31, 2022

Oklahoma Statutes Annotated
Title 85. Workers' Compensation (Refs & Annos)
Chapter 18. Compsource Oklahoma
Effective: [See Text Amendments] to October 31, 2022
85 Okl.St.Ann. § 398
§ 398. Group self-insurers
A. The Workers' Compensation Court shall adopt rules permitting two or more employers not otherwise subject to the provisions of Section 2b of this title to pool together liabilities under this act for the purpose of qualifying as a group self-insurer and each such employer shall be classified as a self-insurer.
B. The Court shall approve the distribution of all undistributed policyholders' surplus of a Workers' Compensation Self-Insurance Program if the Program complies with the following criteria:
1. Has been in business for at least five (5) years;
2. Has its financial statements audited by a public accounting firm which audits at least one corporate client which has assets in excess of One Billion Dollars ($1,000,000,000.00) 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; and
3. Is in compliance with the provisions of this title and all other regulations as required by the Court.
C. A group self-insurer created pursuant to this section either prior to or after the effective date of this act shall not be subject to the provisions of the Oklahoma Securities Act.1

Credits

Laws 1981, c. 256, § 3, emerg. eff. June 25, 1981; Laws 1990, c. 260, § 58, operative July 1, 1990; Laws 1990, c. 264, § 123, operative July 1, 1990; Laws 1996, c. 363, § 12, eff. Nov. 1, 1996. Renumbered from Title 85, § 149.1 by Laws 2011, c. 318, § 88.

Footnotes

1
Title 71, § 1 et seq.
85 Okl. St. Ann. § 398, OK ST T. 85 § 398
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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