OKLAHOMA CITY (March 9, 2026) — In the near future, CompSource Mutual will ask eligible policyholders to approve the proposed conversion of CompSource Mutual into a Mutual Insurance Holding Company (MHC), a small but important step in a long-term vision that potentially includes offering coverage in other states or additional lines of commercial insurance in Oklahoma. The proposed plan of conversion was fully approved by the Oklahoma Insurance Department on March 5, 2026.
Policyholders throughout the state have long expressed interest in these additional options from CompSource Mutual. When approved by policyholders, the conversion establishes a Mutual Insurance Holding Company as the parent organization of CompSource Mutual. Policyholders would become members of the mutual insurance holding company and retain the membership rights they hold today.
The change would not affect existing policies, coverage or rates. Additionally, it does not increase the probability of future rate increases. Workers’ Compensation pricing is determined by baseline rates provided by the National Council on Compensation Insurance (NCCI) following an extensive analysis of workers’ compensation claims in Oklahoma. Nearly every year for the past decade, those rates have declined.
Additional details:
- Eligible policyholders will receive a packet in the mail with instructions on how to cast their vote.
- CompSource Mutual is asking policyholders to vote “Yes,” to help advance plans to offer additional types of insurance or coverage in other states
- This step follows an extensive review of the company’s conversion plan by the Oklahoma Department of Insurance (OID).
- The OID found the conversion plan to be fair and equitable to policyholders.
- The company has published a publicly available webpage dedicated to providing more information about the proposal here: https://www.compsourcemutual.com/mhc/
About CompSource Mutual Insurance Company
For 90+ years, Oklahoma businesses have partnered with CompSource Mutual as a reliable source for workers’ compensation insurance. CompSource Mutual is trusted for its financial stability, superior service, and innovative solutions. CompSource Mutual seeks to be the insurance carrier of choice within the business community by serving Oklahoma’s most valuable asset, its people