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Oklahoma’s CompSource Will Not Be Privatized (Yet)

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Oklahoma’s CompSource Privatization

Oklahoma’s Compsource has been the subject of the privatization debate.  The Oklahoma House of Representatives did not make a final vote on privatizing that state’s largest Workers Comp carrier. I have been a big proponent of privatizing Workers Compensation after seeing successes in Nevada and West Virginia.

Logo of Oklahoma's CompSource House Of Representative
Wikimedia Commons – Oklahoma Legislative Service Bureau

West Virginia helped found Brickstreet that ran as a monopolistic carrier for a few years before the market was opened up completely. West Virginia modeled their program after Nevada’s switch to an open market. Brickstreet still insures all of the governmental employees for Workers Comp.

The West Virginia  governmental contract will be opened up for bidding to the market in 2012. A recent article by George Hohmann of the Daily mail pointed out that Bricksreet had a profit drop of well over 60% from the previous year.

CompSource is not a monopolistic carrier. It is more similar to where Brickstreet is now in evolving to a private carrier. I have friends and family in Oklahoma that actually depend on the market coverage provided by CompSource for their small business Workers Compensation needs. Brickstreet quadrupled the rates for the very small businesses in West Virginia as they instituted a floor of $750 per company.

I have posted opinions that agreed and disagreed with privatizing CompSource. There are other solutions to Oklahoma’s problem that I will post next time.

2019 Update – CompSource became a private carrier in 2013.  The company now competes in an open marketplace similar to other carriers.

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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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