Commissioner Approves CompSource Reorganization Plan

Oklahoma Insurance Commissioner Glen Mulready approved a proposal to transition CompSource Mutual Insurance Co. into a mutual holding company structure. Under the plan, the workers' compensation carrier would become a stock insurer called CompSource Mutual Insurance Co. S.I. Policyholders, who still need to approve the plan, would become members of a newly formed CompSource Mutual Holding Co., which would own 100% of the converted stock insurer through an intermediary called CompSource Intermediate Holding Co. "The plan of reorganization is fair and equitable to the members, an...