Non-profit workers’ compensation insurance carrier, CompSource Oklahoma, announced that it has asked a court to deny a competing carrier’s request for access to CompSource records.
The petition in the District Court of Oklahoma County is in response to three open records requests received by CompSource from National American Insurance Co. (NAICO), a company competing against CompSource in the workers’ compensation market. Founded in 1987, NAICO is based in Chandler, Okla.
The records requested include competitively sensitive information such as detailed actuarial reports, individual policyholder and claim data, and certain contractual provisions, according to CompSource.
The basis of CompSource’s suit is that, by definition, it is not subject to the terms of the Oklahoma Open Records Act because it does not administer public funds in the operation of its insurance business.
Jason Clark, CEO of CompSource Oklahoma, explained, “CompSource receives no appropriations from the legislature, and CompSource’s operations are funded solely by the premiums paid by our policyholders and investment revenue.”
Robert McCampbell, attorney for CompSource, said NAICO’s status as a competitor is what prompted the suit.
“CompSource has traditionally been glad to share high level financial information with the public. However, CompSource must object when a competitor tries to take advantage of the Open Records Act to obtain specific, sensitive information for its own commercial gain,” he said.
Source: CompSource Oklahoma
Topics Oklahoma
Was this article valuable?
Here are more articles you may enjoy.
Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
US Home Insurance Still Priced Too Low for Climate Risk, Says Swiss Re Chair 
US Roof Maintenance Lags: Hanover 
