What changes can a policyholder expect to see once this change occurs?
For policyholders, injured workers and agents, the transition to CompSource Mutual will be virtually seamless.
How will current policies and claims be handled after January 1, 2015?
Policies in force as of January 1, 2015 and active claims will transition to CompSource Mutual Insurance Company and will be handled as they always have been. No action will be required as active policies expiring after January 1, 2015 will remain in force. When policies renew they will be issued under CompSource Mutual Insurance Company.
Will policyholders be required to fill out a new application when the company becomes
No, policies in force as of January 1, 2015 will not need to fill out a new application. The servicing and renewal process for policies in force will remain the same as it is today.
Will CompSource continue to serve as the “market of last resort”?
Yes, CompSource Mutual will continue to be the guaranteed market for workers’ compensation on in Oklahoma.
Will CompSource Mutual be covered under the Oklahoma Property and Casualty Insurance
Yes, CompSource Mutual will be an admitted carrier, covered by the Oklahoma Property and Casualty Insurance Guaranty Association.
Will CompSource Mutual Insurance Company provide other lines of insurance?
CompSource Mutual will provide workers’ compensation coverage.
Will CompSource Mutual write workers’ compensation insurance outside of Oklahoma?
CompSource has a program that allows them to cover Oklahoma-based policyholders’ employees in other states; this will continue as CompSource Mutual.