Oklahoma City, OK -(BusinessWire)- CompSource Oklahoma recently 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 Managers 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.”