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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.
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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.

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