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A state-operated insurance fund where businesses are required to buy workers' compensation insurance from the state. Private insurers cannot operate in these monopolistic fund states. Rupp's Insurance & Risk Management Glossary. © 2002, NILS Publishing. All rights reserved.
Wiki User
∙ 16y ago
Wiki User
∙ 14y agoAs used in workers compensation contracts, monopolistic refers to those states that do not allow competition within the workers compensation insurance arena. Only a single state fund is available and all insurance is placed with or through that state fund.
Wiki User
∙ 15y agoNorth Dakota, Ohio, Washington, West Virginia, and Wyoming. Although West Virginia changed earlier this year.
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What states are monopolistic?
There are 4 monopolistic states - North Dakota, Ohio, Washington and Wyoming. Nevada and West Virginia had been monopolistic, but are now private insurance states.
Which states are monopolistic for wc?
Washington, Wyoming, North Dakota, and Ohio are monopolistic states
Is Minnesota a workers compensation insurance monopolistic state?
No.
What does a monopolistic workers comp stae mean?
As of 7/1/2008, there are 4 states in which the workers' compensation system is considered "monopolistic". This means that the individual state sets rates and operates a state administered fund of workers compensation insurance, vs. the coverage being written in a competitive market by private insurers. Currently the only monopolistic states are North Dakota, Ohio, Washington and Wyoming.
Those jurisdictions where an employer must obtain workers compensation insurance from a compulsory state fund or qualify as a self-insurer where that option is available are known as?
...monopolistic states.
What does monopolistic states mean for workers compensation?
It means there is a monopoly of insurance carriers- One carrier. That is usually a state government agency. If you have employees in that state covered by Worker's Comp, you must buy insurance coverage from that state agency.
Which states are Workers Compensation Monopolistic States?
North Dakota, Ohio, Washington & Wyoming. Also, the US Virgin Islands and Puerto Rico are monopolistic, and AZ, CA, CO, ID, MD, MI, MN, MT, NY, OK, OR, PA & UT are option states. Could you explain what option states mean? Does that mean you have the option for them to be monopolistic if you want to of what exactly?
In what sectors does monopolistic competition occur in the United States?
Monopolistic Competition occurs in the United States among many sectors. The most notable one would probably be the sales sector and automotive industries.
Where can I find an insurance provider who provides workers comp for all 50 states?
Unfortunately, under current laws, you cannot find one insurance carrier that can sell workers' compensation insurance in all 50 states. This is because five states (Ohio, West Virginia, North Dakota, Wyoming, and Washington) have monopolistic state funds. In these states, employers must buy their workers' compensation insurance directly from a fund that is run by the state government, and private insurance companies are not allowed to compete and sell insurance. Therefore, the maximum number of states in which any private insurance carrier could possibly sell workers' compensation insurance is 45.
Is North Dakota a monopolistic state?
No, for Worker's Compensation, South Dakota is an NCCI state.Employers must meet their Workers Compensation obligations by purchasing insurance from a private insurance company, or be authorized to self-insure.
Is product of shampoo include in monopolistic or perfect competition?
Monopolistic Competition
Is West Virginia a workers compensation insurance monopolistic state?
It was until July 1, 2008. It is now a private market.
