§85-398. Group self-insurers.
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/ok/title-85-workers-compensation/85-398·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The Workers' Compensation Court shall adopt rules permitting two or more employers not otherwise subject to the provisions of Section 2b of this title to pool together liabilities under this act for the purpose of qualifying as a group self-insurer and each such employer shall be classified as a self-insurer.
B. The Court shall approve the distribution of all undistributed policyholders' surplus of a Workers' Compensation Self-Insurance Program if the Program complies with the following criteria:
1. Has been in business for at least five
(5)years;
2. Has its financial statements audited by a public accounting firm which audits at least one corporate client which has assets in
excess of One Billion Dollars ($1,000,000,000.00) and on which the accounting firm has issued an unqualified opinion as to the fair presentation of the financial position of the Program showing adequate solvency and reserves; and
3. Is in compliance with the provisions of this title and all other regulations as required by the Court.
C. A group self-insurer created pursuant to this section either prior to or after the effective date of this act shall not be subject to the provisions of the Oklahoma Uniform Securities Act of 2004. Added by Laws 1981, c. 256, § 3, emerg. eff. June 25, 1981. Amended by Laws 1990, c. 264, § 123, operative July 1, 1990; Laws 1990, c. 260, § 58, operative July 1, 1990; Laws 1996, c. 363, § 12, eff. Nov. 1, 1996. Renumbered from § 149.1 of this title by Laws 2011, c. 318, § 88. Amended by Laws 2022, c. 77, § 51, eff. Nov. 1, 2022.