FOR IMMEDIATE RELEASE
Helena, Mont.—Troy Downing, the Montana Commissioner of Securities and Insurance (CSI), announced that the CSI has approved its first innovation waiver. The State Auditor announced that it granted the first waiver to Montana State Fund.
Montana State Fund (MSF) applied for a waiver of certain regulatory requirements to facilitate implementing a program under which MSF would grant premium waivers of up to $10,000 for employers undergoing a premium audit for the first time. Under the program, waivers of increased premiums will be combined with employer education and training. The program is designed to prevent or limit the premium shock that sometimes occurs following premium audits. The program also seeks to increase efficiency by encouraging better management by employers of their workers’ compensation obligations.
In the 2023 legislative session, HB 836, sponsored by Representative Katie Zolnikov and Senator Steve Fitzpatrick, was passed. This act authorizes the CSI to grant waivers of certain requirements of the Montana Insurance Code for eligible submissions. The law applies to property and casualty insurers.
“We were pleased to approve the innovative approach by Montana State Fund to helping their insureds,” said Commissioner Downing. “Montana is open for innovation, and the CSI looks forward to approving other creative ideas that help Montana insureds and small businesses.”
“Montana State Fund is constantly exploring new and better ways to meet the changing needs of our employers,” Holly O’Dell, MSF President/CEO, said. “Reducing sticker shock from first-time premium audits through this waiver program is just part of how MSF continually looks to support Montana’s growth.”
To view the approved sandbox waiver or to apply for a waiver, visit our website at csimt.gov/sandbox-waiver-letter-application/.
For inquiries–Laura Shirtliff, CSI Communications, at 406.444.0903 or laura.shirtliff@mt.gov.
The Montana State Auditor, Commissioner of Securities and Insurance, is the state regulator of the insurance and securities industries for the state of Montana. The State Auditor is also an ex officio member of the Montana Board of Land Commissioners. Troy Downing was elected State Auditor in 2020.
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