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Resolution
ENROLLED HOUSE
RESOLUTION NO. 1047 By: Sneed
A Resolution emphasizing the State's interest in
CompSource Mutual Insurance Company; recognizing the
existence of CompSource Mutual Insurance Company as
an entity ensuring compensation under current
workers' compensation law; emphasizing that all
monies and assets of CompSource Mutual Insurance
Company are held in trust; and emphasizing the
public's interest in CompSource Mutual Insurance
Company.
WHEREAS, CompSource Oklahoma was allowed by the Legislature to
become a mutual insurance company, CompSource Mutual Insurance
Company, effective January 1, 2015, for the purpose of insuring
employers against liability for compensation under the
Administrative Workers' Compensation Act, the Oklahoma Workers'
Compensation Code, and previous workers' compensation laws; and
WHEREAS, because the State Insurance Fund, the predecessor of
CompSource Mutual Insurance Company, was created with taxpayer
funds, the State of Oklahoma continues to have an important and
vital interest in the operation of the company; and
WHEREAS, CompSource Mutual Insurance Company exists for the
purpose of assuring compensation for the persons entitled thereto
provided by the workers' compensation law, and for the further
purpose of insuring persons, firms, and corporations against loss,
expense, or liability by reason of bodily injury, death by accident,
occupational disability, or occupational disease suffered by
employees, for which the insured may be liable or have assumed
liability; and
ENR. H. R. NO. 1047 Page 2
WHEREAS, CompSource Mutual Insurance Company may further provide
insurance for employers against liability incurred as the result of
injuries sustained by employees engaged in employment subject to the
Longshore and Harbor Workers' Compensation Act, 33 U.S.C., Section
901 et seq., or employees engaged in employment subject to 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
WHEREAS, the Supreme Court of Oklahoma has determined that the
creation of CompSource Mutual Insurance Company, as a successor to
the State Insurance Fund and CompSource Oklahoma, was a proper use
of legislative power under the Constitution of Oklahoma; and
WHEREAS, the Supreme Court found, and the Legislature affirms,
that all monies and other assets of CompSource Mutual Insurance
Company are held in trust for the benefit of the insured employers
or policyholders.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES
OF THE 2ND SESSION OF THE 60TH OKLAHOMA LEGISLATURE:
THAT it is a matter of public interest to establish public
policy that Oklahoma maintains a statutory workers' compensation
system in which employers may obtain insurance to cover their
liability for benefits for workers injured in the course of their
employment as prescribed by the workers' compensation laws.
THAT the Insurance Commissioner take such actions as are
consistent with the provisions of this measure.
THAT the Oklahoma Legislature is committed to results which are
consistent with the provisions of this measure including, but not
limited to, statutory enactment or modification of administrative
rules.
THAT CompSource Mutual can only transition into a mutual
insurance holding company if it pays every policyholder their fair
and equitable ownership interest as owners and trustees of
CompSource Mutual.
THAT CompSource Mutual Insurance Company is hereby prohibited
from pursuing any means to change its corporate structure from the
mutual insurance company previously allowed by the Legislature
except for the change to a mutual insurance holding company.
ENR. H. R. NO. 1047 Page 3
Adopted by the House of Representatives the 7th day of April,
2026.
Presiding Officer of the House of
Representatives
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of __________________, 20 _______, at _______ o'clock _______ M.
By: _________________________________