State Government Insurance Programs
Among the most common insurance programs provided or operated by state government insurance programs are: -
- Workers Compensation insurance funds
- Unemployment insurance programs
- Automobile insurance plans
- FAIR Plans
- Beachfront and windstorm pools.
In addition, all states have some type of insurance guaranty fund designed to pay for covered loses in the event that an insurer is financially unable to meet its obligations to its insureds.
State Workers Compensation Insurance Funds
A Monopolistic Fund is a State workers compensation insurance plan that is the only source of workers compensation insurance allowed in that state.
A Competitive State Fund is a state workers insurance plan that competes with private insurers to provide worker’s compensation insurance.
A residual market plan (or shared market plan) is a plan that makes insurance available to those who cannot obtain coverage because private insurance will not voluntarily provide coverage such coverage for various reasons.
Who Provides Insurance
