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Montana State Fund reports strong financial position, 10% rate decrease and continued emphasis on safety
Summary
Montana State Fund officials briefed senators on the insurer’s role as the state’s not-for-profit workers’ compensation carrier, reporting nearly $902 million in reserves, $629 million in policyholder equity, a July 1, 2024 10% average rate decrease and ongoing investments in safety and claims management.
Representatives of Montana State Fund briefed the Senate Business and Labor and Economic Affairs Committee on the state-run workers’ compensation carrier’s operations, financial position and loss-prevention work.
Nick Mazanec, general counsel for Montana State Fund, told the committee the fund is a not-for-profit workers’ compensation insurer that serves roughly 25,000 policyholders across every county and most industries in Montana. "We insure any business that comes to us, large or small, high risk or low risk," Mazanec said.
Mazanec summarized market and operational performance. He said the fund paid an average 10% rate decrease on July 1, 2024, has not raised its rates in nearly 20 years and has reduced cumulative…
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