Montana Code 39-71-2316. Powers of state fund
39-71-2316. Powers of state fund. (1) For the purposes of carrying out its functions, the state fund may:
Terms Used In Montana Code 39-71-2316
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
(a)insure any employer for workers’ compensation and occupational disease liability as the coverage is required by the laws of this state and, as part of the coverage, provide related employers’ liability insurance upon approval of the board;
(b)sue and be sued;
(c)enter into contracts relating to the administration of the state fund, including claims management, servicing, and payment;
(d)collect and disburse money received;
(e)except as provided in subsection (1)(f), use the uniform classification system as required in 33-16-1023 and charge premiums for the classifications so that the state fund will be neither more nor less than self-supporting;
(f)continue the use of special classification codes that were in use prior to January 1, 2016, for agriculture, municipalities, towns, cities, counties, and state agencies. The board shall file with the commissioner rates and supplementary rate information for these special classifications.
(g)use the uniform experience rating plan provided for in 33-16-1023, except upon approval of the board may adopt experience modification thresholds for use by the state fund for its insured employers;
(h)pay the amounts determined to be due under a policy of insurance issued by the state fund;
(i)hire personnel;
(j)declare dividends if there is an excess of assets over liabilities. However, dividends may not be paid until adequate actuarially determined reserves are set aside.
(k)adopt and implement one or more alternative personal leave plans pursuant to 39-71-2328;
(l)upon approval of the board, contract with licensed resident insurance producers;
(m)upon approval of the board, enter into agreements with licensed workers’ compensation insurers, insurance associations, or insurance producers to provide workers’ compensation coverage in other states to Montana-domiciled employers insured with the state fund;
(n)upon approval of the board, expend funds for scholarship, educational, or charitable purposes;
(o)upon approval of the board, including terms and conditions, provide employers coverage under the federal Longshore and Harbor Workers’ Compensation Act, 33 U.S.C. § 901, et seq., the federal Merchant Marine Act, 1920 (Jones Act), 46 U.S.C. § 688, and the federal Employers’ Liability Act, 45 U.S.C. § 51, et seq.;
(p)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.
(2)The state fund shall include a provision in every policy of insurance issued pursuant to this part that incorporates the restriction on the use and transfer of money collected by the state fund as provided for in 39-71-2320.