State Fund (Workers Comp)
Definition. A State Fund is a state-administered Workers Comp insurer. Some are monopolistic (only WC option); some compete with private carriers.
Also known as: State Workers Comp Fund, Mono-State Fund
Monopolistic state funds: Ohio BWC, North Dakota WSI, Washington L&I, Wyoming Workers' Safety. Competitive state funds (compete with private): California SCIF, Colorado Pinnacol, New York SIF, and many others. State funds often write hard-to-place risks rejected by private carriers.
Example
California SCIF (State Compensation Insurance Fund) competes head-to-head with Travelers, Hartford, AMTrust for WC market share in CA.
Sources cited
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Reviewed by California-licensed Property & Casualty insurance agent
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