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Do Monopolistic State Funds Still Exist Today In US

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Term Of The Day – Monopolistic State Funds

Monopolistic state funds used to be rather numerous in the United States.  The number of monopolistic carriers have dwindled due to states such as Nevada and West Virginia converting to a free market system. The law requires that companies in that state purchase workers compensation coverage from the government. Private insurers cannot write policies in these states.

United States Monopolistic State Funds Flag
Wikimedia Commons – Jnn13

North Dakota, Ohio, Washington, and Wyoming are the last of this type of  fund in existence. Monopolistic state funds are not to be confused with competitive state funds such as SCIF in CA.

At one time, I had thought that the four aforementioned states would covert to an open market system.   Update – as of 2018, these four monopolistic states are status quo.

Update –

Hawaii at one time, was going to join these four states.   This did not occur yet but could possibly happen in the future.   The Aloha State became very concerned that the injured employees were not receiving the proper medical treatment and other benefits timely.

I had predicted that Ohio would convert to  an open market system due to their neighbor West Virginia‘s success.   Ohio has not considered becoming monopolistic.

 

 

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

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