Montana Code 39-71-2313. State compensation insurance fund created — obligation to insure
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39-71-2313. State compensation insurance fund created — obligation to insure. (1) There is a state compensation insurance fund known as the state fund that is a nonprofit, independent public corporation established for the purpose of allowing an option for employers to insure their liability for workers’ compensation and occupational disease coverage under this chapter.
Terms Used In Montana Code 39-71-2313
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The state fund is required to insure any employer in this state who requests coverage, and it may not refuse to provide coverage unless an employer or the employer’s principals have defaulted on a state fund obligation and the default remains unsatisfied.