“Oklahoma Option” Work Comp update 04/01/2014

Posted April 1, 2014 by Heather McGregor

We have learned this week that OID (OK Ins Dept) has approved the first policy forms for two carriers who will be offering coverage under the new Oklahoma Option for Workers’ Compensation.  Both plans/companies offering coverage have had similar plans available in TX for quite some time, but unfortunately they are NOT plans that MIG recommends nor will we be offering.  As the Option is new and coverage is somewhat unregulated, it will be crucial for employers who decide to take the first steps into the new offering to be diligent in their decision making process and not simply purchase anything that becomes available.  MIG is working closely with the leading Work Comp defense attorney in TX, PartnerSource, to determine the viability of each plan as it becomes available.

Further, we anticipate that the policy forms being offered by Great American and Safety National (both of whom offer successful and reputable plans in Texas) will be approved by the OID within the next two to three weeks, at the latest.  McGregor Insurance Group is committed to staying at the forefront of these new plans and will keep you advised as information becomes available.

As always, please let me know if you have any questions.  Thank you!

Heather McGregor, RHU