Montana State Legislature
Montana State Fund
MONTANA STATE FUND
Holly O'Dell, President & CEO
Appointed by the Board of Directors
Montana State Fund (MSF) is the state's largest workers' compensation insurance company, protecting approximately 25,000 businesses, organizations and their workers.
- Provides a guaranteed market, meaning MSF must write workers' compensation policies, regardless of the risk presented, unless a requester has defaulted on a state fund obligation. MSF serves as one option for any employer that wants workers' compensation in addition to private insurance and self-insurance.
- MSF is a non-profit, independent public corporation, per 39-71-2313, MCA; is subject to a legislative directive to "be neither more nor less than self-supporting" (39-71-2311, MCA), and enabled under 39-71-2316, MCA, to "perform all functions and exercise all powers of a private insurance carrier that are necessary, appropriate, or convenient for the administration of the state fund."
Board of Directors
Appointed by the Governor
|Richard Miltenberger, Chair||03/31/2025|
- Financial-Compliance Audit, 21-05A, August 2021; no recommendations - unmodified opinion on financial statements.
- Financial-Compliance Audit, 19-05B, June 2020; no recommendations - unmodified opinion on financial statements.
Statutorily Required Reports to Economic Affairs
- 9/1/2021: MSF Annual Budget Report (5-5-223, MCA)
- 9/1/2022: MSF Annual Budget Report (5-5-223, MCA)
- Agency Activity Update - September 2021
- Montana State Fund Overview