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Compsource In Oklahoma – Same Old Story Just Different State

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Compsource In Oklahoma

The carrier Compsource in Oklahoma may change to a private company. I have been traveling in Oklahoma over the last few days. One of the hot news items is that Compsource is looking to go private. Compsource is a quasi-governmental insurer of last resort for Workers Compensation for companies operating in only Oklahoma. They recently allowed companies with multi-state operations to be insured by Compsource.

Map Of Compsource In Oklahoma Graphic
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As with SCIF in California, the sale of or conversion to a private company caused a great deal of confusion. For instance – are the employees of SCIF and Compsource actually state employees? SCIF in California was instructed to furlough employees, but a court decision said that could not be done with SCIF. Does the state actually have the right to sell off or convert the companies? There are many other states that are having to address these problems. It often seems that these quasi-governmental insurances are public or private as to which designation gives them the largest benefit. I cannot blame them as the governments look to wipe the slate clean, so to speak.

Removing Compsource as the insurer of last resort would be a mistake. The Workers Comp insurance rates in Oklahoma have long been stabilized by Compsource. The cost of business would increase dramatically if Compsource was disbanded, sold, or absorbed by another carrier. As I write this, I just read in the local newspaper that the whole Compsource mess is going to a hearing to have a judge rule on the future of Compsource.

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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