Okla. Admin. Code § 365:15-1-3.3

Current through Vol. 42, No. 7, December 16, 2024

Section 365:15-1-3.3 - Oklahoma workers' compensation assigned risk insurance plan

(a) The third party designated by the Commissioner to develop and administer the Oklahoma workers' compensation assigned risk insurance plan ("Plan") shall prepare and submit such Plan to the Commissioner for approval. The Plan shall provide for the equitable apportionment among insurers of applicants for workers' compensation insurance who are in good faith eligible for, but who are unable to procure through ordinary methods, such insurance. Such Plan shall provide reasonable rules governing the equitable distribution of risks by direct assignment, reinsurance, or otherwise, and their assignment to insurers, and shall provide a method whereby applicants for insurance, insureds, and insurers may have a hearing on grievances and the right of appeal to the Commissioner.

(b) Any insurer interested in becoming a direct assignment carrier shall submit a request for approval to the Commissioner annually and in accordance with the Plan. Such approval request shall be sent to the Department's Rate and Form Division Director. The Commissioner may approve or disapprove, at its discretion, direct assignment carrier status of any individual carrier or all carriers for any reason that is in the best interest of the State or the Plan.

(c) Once the Plan has been approved by the Commissioner and becomes effective, no insurer shall thereafter issue a policy of workers' compensation or employer's liability insurance or undertake to transact such business in this State unless such insurer participates in the Plan.

Okla. Admin. Code § 365:15-1-3.3

Adopted by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 8/11/2024