{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-608.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-608.2","heading":"Assigned risk plan for employers unable to procure","body":"coverage in the voluntary market.\n\nA. The Insurance Commissioner shall develop and administer an\n\nassigned risk plan to provide workers' compensation insurance\n\ncoverage to employers who are unable to procure coverage in the\n\nvoluntary market. In addition to the requirements of subsection B\n\nof this section, the plan shall include but not be limited to\n\nqualifications for and termination of coverage.\n\nB. To qualify for coverage under the plan, an employer shall\n\nhave been declined coverage by at least two unaffiliated insurers\n\nand shall provide documentation to the Commissioner that the\n\nunaffiliated insurers are unwilling to provide coverage at any\n\npremium level that is reasonably related to the risk presented by\n\nthe employer.\n\nC. Any employer satisfying the requirements of subsection B of\n\nthis section, and any other qualifications established by the\n\nCommissioner, shall be provided coverage at a premium level to be\n\ndetermined or approved by the Insurance Commissioner. Premiums\n\nshall be actuarially sound, consistent with industry standards for\n\nclassification and rate-making methodologies and calculated to\n\nenable the plan to be self-sustaining and able to operate without\n\nsubsidies from employers and insurers in the voluntary market, to\n\nthe extent possible. Rates shall not be excessive, inadequate or\n\nunfairly discriminatory, pursuant to Section 902 of Title 36 of the\n\nOklahoma Statutes.\n\nD. The Insurance Commissioner may designate a third party\n\nincluding a private carrier or rating organization with substantial\n\nexperience in developing and administering similar programs in other\n\nstates, to develop and administer the assigned risk plan for a\n\nthree-year period beginning on the effective date of this act.\n\nFollowing this period, the Commissioner shall contract with the same\n\nor another qualified third party to continue the administration of\n\nthe assigned risk plan; provided, however, that the Commissioner\n\nshall approve the plan prior to the plan becoming operative. The\n\nplan established pursuant to this section shall require that all\n\nprivate carriers participate as a condition of their authority to\n\ntransact business in this state.\n\nE. Prior to the operation of the plan established pursuant to\n\nthe provisions of this section, but in no event later than June 1,\n\n2024, CompSource Mutual Insurance Company, a private, domestic\n\nmutual insurance company incorporated in this state and regulated by\n\nthe Insurance Department, successor-in-interest to CompSource\n\nOklahoma, shall serve as the residual market mechanism for those\n\ninsureds who would otherwise be in the assigned risk plan.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bb31e6baba19385ead77bc60d02d84a42695d0a0d401ed9c330b3b001a10195e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-608","next":"us-ok/okla.-stat.-tit.-36-36-609"},"notice":"GroundRules: Original legal text. Not legal advice."}