Abstract: An assembly for retaining a cutting insert in a pocket of a tool holder includes a locking pin, a spring disposed in the bore of the tool holder, a locking plate disposed in the bore between the spring and the locking pin, and a set screw for retaining the assembly. The locking plate is biased against a ledge of the bore to cause the locking pin to draw and retain the cutting insert in a direction such that the cutting insert is held in a secured position against the pocket of the tool holder. To release the cutting insert, a force is applied to the assembly to counteract the biasing force of the spring. The locking pin or the locking plate may include a flat surface that cooperates with a flat surface on the bore to act as a key to proper orientate the assembly in the bore.