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Montana State Fund describes reserves, rate history and safety work as market improves
Summary
Montana State Fund told the Senate Business, Labor and Economic Affairs Committee it covers about 25,000 policyholders, has not raised rates in nearly 20 years and reduced rates by 10% on July 1; the fund reported reserves of roughly $902 million, policyholder equity of $629 million and an actuarial estimate of $38 million for the 'old fund.'
Nick Mazanec, general counsel for Montana State Fund, told the Senate Business, Labor and Economic Affairs Committee that Montana State Fund is a not‑for‑profit workers' compensation insurer established by the legislature in 1990 and that it currently serves roughly 25,000 policyholders across every Montana county.
Mazanec said Montana State Fund employs 280 people, provides claims examiners and nurse case managers to help injured workers, and deploys a statewide safety program—13 safety management consultants performed more than 1,700 safety consultations in…
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