Montana State Legislature
Montana State Fund
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
- 9/1/2021: MSF Annual Budget Report (5-5-223, MCA)
- 9/1/2022: MSF Annual Budget Report (5-5-223, MCA)
June 2022:
November 2021:
September 2021:
- Agency Activity Update - September 2021
- Montana State Fund Overview
