A plan to sell Oklahoma's workers' compensation insurance agency is opposed Attorney General Drew Edmondson because businesses may then be required to pay higher rates. Edmonson said pending legislation would lead to privatization of CompSource Oklahoma, bad news for businesses and consumers.
CompSource was formed in 1933 to keep workers' comp prices affordable and competitive. It serves as a last resort for high-risk employers who are unable to afford private insurance.According to Edmondson, if CompSource Oklahoma is acquired by another insurer, prices could increase and new and beginner companies may not be able to afford workers' comp insurance.(workersxzcompxzkit)
CompSource reportedly writes approximately 35% the state’s workers' comp policies.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.
Podcast/Webcast: Claim Handling Strategies
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http://www.workerscompkit.com/gallagher/podcast/ Claim_Handling_Strategies/index.php
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.
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