OKLAHOMA CITY (AP) - Oklahoma companies would be allowed to opt out of the state's traditional workers' compensation system and instead self-insure under new guidelines outlined in a bill approved in the Oklahoma Senate.

The bill passed Wednesday on a 28-17 vote, with a few Republicans joining Democrats in opposing the measure. Opponents maintain the move will dramatically reduce benefits for injured workers.

Businesses would be required to meet certain requirements to qualify for the plan, and reimbursement rates for various injuries are outlined in the bill. Any plans would also have to meet the employee benefit plan requirements of the federal Employee Retirement Income Security Act.

Opponents maintain that injured workers would receive fewer benefits under the alternative plan and that premium rates for companies that remain in the state system will increase.