Downing says Montana open for insurance innovation

Downing says Montana open for insurance innovation | Insurance Business America

Insurance News

Downing says Montana open for insurance innovation

First innovation waiver approved

Insurance News

By
Terry Gangcuangco

The Montana Commissioner of Securities and Insurance (CSI), Troy Downing (pictured), has approved the state’s first innovation waiver, granting it to the Montana State Fund (MSF).

MSF sought the waiver to support the launch of a new program aimed at assisting employers undergoing a premium audit for the first time. Through the initiative, MSF can offer premium waivers of up to $10,000 to these employers, cushioning them from the financial impact often associated with premium audits.

In addition to the waivers, the program includes education and training resources for employers. The goal is to minimize the “premium shock” that can occur after audits while also promoting better management of workers’ compensation responsibilities by employers.

The authority for CSI to grant such waivers stems from the passage of HB 836 during the 2023 legislative session. The bill, sponsored by Representative Katie Zolnikov and Senator Steve Fitzpatrick, allows for certain regulatory requirements under the Montana Insurance Code to be waived for property and casualty insurers with eligible submissions.

“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.”

MSF president and chief executive Holly O’Dell added: “Montana State Fund is constantly exploring new and better ways to meet the changing needs of our employers. 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.”

For details on the approved waiver or to submit an application, interested parties can visit this link.

What do you think about this story? Share your thoughts in the comments below.