IRMI Main Logo


Home > Glossary

Competitive State Funds

Competitive State Funds

Definition

State-owned and -operated facilities that compete with commercial insurers in writing workers compensation insurance specific solely to that state. The states with these funds are California, Colorado, Hawaii, Idaho, Kentucky, Louisiana, Maine, Maryland, Minnesota, Missouri, Montana, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, and Utah.
Links for IRMI Online Subscribers Only: IWC V.O

Related Terms

State Funds

State-owned and operated organizations that write workers compensation insurance. Some states have monopolistic funds, which are the only market for workers compensation insurance in those states. Other states have competitive funds that compete with insurers in that state only. The monopolistic fund states are North Dakota, Ohio, Washington, and Wyoming. Puerto Rico and the U.S. Virgin Islands also have monopolistic funds. Currently, 20 other states offer the option of purchasing workers compensation insurance from a competitive state fund.

Monopolistic State Funds

Jurisdictions where an employer must obtain workers compensation insurance from a compulsory state fund or qualify as a self-insurer (as is allowed in two of the jurisdictions). Such insurance is not subject to any of the procedures or programs of the National Council on Compensation Insurance (NCCI). Instead, each jurisdiction has its own rules and regulations that govern the placement and administration of workers compensation insurance. The following states/jurisdictions are monopolistic fund states: North Dakota, Ohio, Washington, Wyoming, Puerto Rico, and the U.S. Virgin Islands.

Related Products

IRMI Workers Comp

Your one-stop source for state specific regulations that will help you analyze exposures, determine the policy forms needed, place coverage in the residual marketplace or in a monopolistic state fund, and develop effective cost containment programs. Learn More

Classification Cross-Reference

An IRMI best-seller! This book provides a handy cross-reference for ISO CGL, NAICS, NCCI, and SIC codes. No agent should be without it. Streamlined format helps you find the exact codes you need! Learn More

Blueprint for Workers Comp Cost Containment

Filled with practical suggestions, this book supplies insight and solutions for controlling and even reducing workers compensation costs and premiums. It will pay for itself over and over again. Learn More

Blueprint for Workers Comp Cost Containment - Print Edition

Filled with practical suggestions, this book supplies insight and solutions for controlling and even reducing workers compensation costs and premiums. It will pay for itself over and over again.

Learn More

Classification Cross-Reference - Print Edition

An IRMI best-seller! This book provides a handy cross-reference for ISO CGL, NAICS, NCCI, and SIC codes. No agent should be without it. Streamlined format helps you find the exact codes you need!

Learn More

Risk & Insurance Package

This is THE reference package for any risk or insurance professional who works in specialty lines. Learn More

Navigation

Social Media
User ID: Subscriber Status:Free