What does Monopolistic State Funds mean? Read on to discover the definition & meaning of the term Monopolistic State Funds - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Monopolistic State Funds.