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
Karen Fagg 03/31/2025
Michael Marsh 03/31/2025
John Maxness 03/31/2025
Jack Owens 05/31/2023
Dexter Thiel 03/31/2023
Jan VanRiper 05/31/2023

Legislative Audits

  • 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

June 2022:

November 2021:

September 2021:



decorative leaves element