Oklahoma House Panel OKs Plan to Privatize CompSource

A plan to privatize Oklahoma’s not-for-profit workers’ compensation insurer has been approved by a House committee.

A bill that would convert CompSource Oklahoma from a state entity to a private company owned by policyholders has passed through the House Insurance Committee. If approved by the House Calendar Committee, House Bill 2201 next will be heard by the full House.

Republican Rep. Randy Grau of Edmond says CompSource currently enjoys competitive advantages over private insurance companies and that his proposal will “level the playing field.”

CompSource was created by the Legislature in 1933 as an insurer of last resort. It writes policies for most state entities and specializes in small firms or those whose workers have dangerous jobs.