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Member, Beacon International Group, Ltd.
OKLAHOMA CITY—CompSource Oklahoma says it opposes legislation that would sell the state-created workers compensation insurer to the highest bidder.
Legislation calling for the sale of Oklahoma City-based CompSource passed a Senate subcommittee on Wednesday.
S.B. 2232, authored by Sen. Cliff Aldridge, R-Midwest City, would require that CompSource be sold to the highest bidder by Dec. 31, 2011. The legislation passed the Senate Appropriations Subcommittee on Natural Resources and Regulatory Services.
The measure, which is designed to generate additional public funds, now goes to the full committee and would require that proceeds from a sale be retained by the state.
A similar bill has been introduced in the Oklahoma House.
But in a Thursday statement, CompSource said the Oklahoma Supreme Court ruled in 1975 that CompSource’s funds are to be held in trust to benefit its policyholders and legislation to sell it would bring unnecessary legal challenges.