OKLAHOMA CITY- (Aug. 26, 2010)–WorkCompWire– CompSource Oklahoma announced today that it has filed a petition for declaratory judgment against National American Insurance Company (NAICO) in the District Court of Oklahoma County. The petition is in response to three open records requests received by CompSource from NAICO, a company competing against CompSource in the workers’ compensation market. The records requested include competitively sensitive information such as detailed actuarial reports, individual policyholder and claim data and certain contractual provisions.
The basis of CompSource’s suit is that, by definition, it is not subject to the terms of the Oklahoma Open Records Act because it does not administer public funds in the operation of its insurance business. Jason Clark, CEO of CompSource Oklahoma, explained, “CompSource receives no appropriations from the legislature, and CompSource’s operations are funded solely by the premiums paid by our policyholders and investment revenue.”
Robert McCampbell, attorney for CompSource, explained that NAICO’s status as a competitor is what prompted the suit. “CompSource has traditionally been glad to share high level financial information with the public. However, CompSource must object when a competitor tries to take advantage of the Open Records Act to obtain specific, sensitive information for its own commercial gain,” he explained.
About CompSource Oklahoma
CompSource Oklahoma is a non-profit, self supporting workers’ compensation insurance company established by the legislature in 1933 to be fairly competitive and serve as the assured market for workers’ compensation insurance. However, the company does not receive any state appropriated funds.