CompSource Oklahoma announced that the Oklahoma Supreme Court
unanimously upheld the legislation that will convert CompSource into a
mutual insurance company. Jason Clark, President and CEO of CompSource
Oklahoma, said, "We are very pleased the Oklahoma Supreme Court has
confirmed CompSource will become a mutual insurance company independent
from the state of Oklahoma on January 1, 2015. This is a win for
CompSource's policyholders and the state of Oklahoma."
"Governor Fallin, leaders in the Senate and House of Representatives,
and the CompSource Board of Manager are to be commended for the vision
that led to the CompSource Mutual Insurance Company Act," Clark said.
After the conversion is complete, the company will be known as
CompSource Mutual Insurance Company. While mutualization will have an
impact on the company's internal processes, the transition from
CompSource Oklahoma to CompSource Mutual will have little effect on the
policyholder experience. CompSource Mutual will continue serving the
Oklahoma business community including the residual market, claims will
be processed in the same way, insurance policies will remain fully
effective and policyholders will renew their policies just as they have
with CompSource Oklahoma.
Clark said, "This unanimous opinion allows us to move full speed ahead
with converting into CompSource Mutual by January 1."
Clark commented, "For 81 years CompSource has been the stable resource
for workers' compensation insurance in Oklahoma. Our commitment to
providing expert industry services will remain the same when we move
forward as CompSource Mutual in 2015."
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