state fund, monopolistic

  • An insurance organization created by the act of the legislature of a state, in which persons are required to carry insurance (generally workers’ compensation) unless provision is made for self-insurance. Such a fund is operated by the state to the exclusion of 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).