Montana State Legislature

Montana State Fund


Agency Leadership

Holly O'Dell, President & CEO
Appointed by the Board of Directors

Agency Website

Agency Overview

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

Name Term Expires
Richard Miltenberger, Chair 03/31/2025
Nancy Butler 03/31/2027
Karen Fagg 03/31/2025
Wylie Galt 03/31/2027
Michael Marsh 03/31/2025
John Maxness 03/31/2025
Dexter Thiel 03/31/2027

Legislative Audits

MSF Financial-Compliance Audit (23C-15); July 2023

MSF Financial-Compliance Audit (22-05); August 2022

Statutorily Required Reports to Economic Affairs

  • 07/11/2023: Montana State Fund Annual Report Annual Report; use in accordance with 5-5-223 MCA; 2023 Report

Reports to the Legislature Related to Economic Affairs

Meeting Participation

July 2023:

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