An Oklahoma judge on Thursday issued a temporary restraining order preventing CompSource Mutual Insurance Co. from mailing a reorganization notice to policyholders, according to a report by independent media outlet nondoc.com.

Insurance Commissioner Glen Mulready in March approved a plan to transition CompSource into a mutual holding company structure, but it still requires support from two-thirds of the carrier's policyholders.

The workers' compensation carrier would become a stock insurer called CompSource Mutual Insurance Co. S.I. Its policyholders 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.

Trivestco Energy Co. and Lobaugh Law Firm filed an emergency motion for a temporary restraining order the day after the commissioner approved the plan.

Nondoc.com reports that Noble County District Court Judge Lee Turner issued his order approving the TRO after attorneys for the plaintiffs objected to a CompSource motion to introduce a policyholder information statement relating to the plan.

Attorneys for the plaintiffs said they requested the document last year and were told it was confidential under state law. CompSource attorneys said they were unable to fulfill the request for the document.

Turner reportedly said he was "extremely troubled by this" before saying he would grant the TRO Wednesday. A copy of the order was officially entered Thursday.

More information, including a copy of the commissioner's order and the proposed reorganization plan, is available from the Oklahoma Insurance Department here.