state fund, competitive

  • An insurance organization created by the act of the legislature of a state to write insurance (generally workers’ compensation), as required by the law of that state, in competition with private carriers.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).