§85A-102. Pooled liabilities - Distribution of surplus.

223 words·~1 min read·/ok/title-85a-workers-compensation/85a-102

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A. The Workers' Compensation Commission shall adopt rules permitting two or more employers, not otherwise subject to the provisions of Section 150 of this act, 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 Commission 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 act and all other regulations as required by the Commission.

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 2013, c. 208, § 102, eff. Feb. 1, 2014. Amended by Laws 2022, c. 77, § 52, eff. Nov. 1, 2022.