What is the purpose of the Competitive State Fund in Oklahoma?

The purpose of the Competitive State Fund in Oklahoma is to guarantee workers' compensation insurance coverage when commercial insurance companies may not be willing or able to provide it. This fund was established to ensure that employers, particularly small businesses or those in higher-risk industries, have access to affordable workers' compensation coverage. It serves as a safety net within the insurance market, helping to promote workplace safety and protecting employees who may be injured on the job.

By maintaining this fund, the state helps stabilize the workers' compensation market and ensures that all workers have access to necessary protections, even if private insurers are hesitant to underwrite policies for certain employers. This is critical for ensuring the overall health and safety of the workforce in Oklahoma. Other options pertain to different types of insurance or benefits that do not directly relate to the state's role in providing workers' compensation coverage.