coverage in the voluntary market. A. The Insurance Commissioner shall develop and administer an assigned risk plan to provide workers' compensation insurance coverage to employers who are unable to procure coverage in the voluntary market. In addition to the requirements of subsection B of this section, the plan shall include but not be limited to qualifications for and termination of coverage. B. To qualify for coverage under the plan, an employer shall have been declined coverage by at least two unaffiliated insurers and shall provide documentation to the Commissioner that the unaffiliated insurers are unwilling to provide coverage at any premium level that is reasonably related to the risk presented by the employer. C. Any employer satisfying the requirements of subsection B of this section, and any other qualifications established by the Commissioner, shall be provided coverage at a premium level to be determined or approved by the Insurance Commissioner. Premiums shall be actuarially sound, consistent with industry standards for classification and rate-making methodologies and calculated to enable the plan to be self-sustaining and able to operate without subsidies from employers and insurers in the voluntary market, to the extent possible. Rates shall not be excessive, inadequate or unfairly discriminatory, pursuant to Section 902 of Title 36 of the Oklahoma Statutes. D. The Insurance Commissioner may designate a third party including a private carrier or rating organization with substantial experience in developing and administering similar programs in other states, to develop and administer the assigned risk plan for a three-year period beginning on the effective date of this act. Following this period, the Commissioner shall contract with the same or another qualified third party to continue the administration of the assigned risk plan; provided, however, that the Commissioner shall approve the plan prior to the plan becoming operative. The plan established pursuant to this section shall require that all private carriers participate as a condition of their authority to transact business in this state. E. Prior to the operation of the plan established pursuant to the provisions of this section, but in no event later than June 1, 2024, CompSource Mutual Insurance Company, a private, domestic mutual insurance company incorporated in this state and regulated by the Insurance Department, successor-in-interest to CompSource Oklahoma, shall serve as the residual market mechanism for those insureds who would otherwise be in the assigned risk plan.
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