A. 1. The Board of Directors of CompSource Mutual Insurance Company shall have full power and authority to set actuarially sound rates to be charged by the Company for insurance until three (3) years after the Company begins operating pursuant to subsection A of Section 3 of this act.
2. The Board shall engage the services of an independent actuary who is a member of the Casualty Actuarial Society or the American Academy of Actuaries who is qualified as described in the U.S. Qualifications Standards promulgated by the American Academy of Actuaries pursuant to the Code of Professional Conduct to develop and recommend actuarially sound rates.
3. Rates shall be set in amounts sufficient, when invested, to:
a.carry all claims to maturity,
b.meet the reasonable expenses of conducting the business of the Company, and
c.maintain a reasonable surplus.
B. Three (3) years after the Company begins operating pursuant to subsection A of Section 3 of this act, the Company shall become subject to Articles 9, 9A and 9B of Title 36 of the Oklahoma Statutes.
Added by Laws 2013, c. 254, § 7.
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