Maryland physicians have a new option for their medical malpractice insurance: Maryland Healthcare Providers Insurance Exchange (MDHPIX).
The insurance company is being formed by a team of insurance, health care and legal professionals who started similar companies in Pennsylvania, Florida and New Jersey.
The Pennsylvania Healthcare Providers Insurance Exchange, the Florida Healthcare Providers Insurance Exchange and the New Jersey Healthcare Providers Insurance Exchange are the models for the Maryland firm.
Thomas S. Gaudiosi, chief executive office for the new Maryland insurer, is also involved in the management of the New Jersey, Pennsylvania and Florida companies. Gaudiosi has been a risk management consultant, a professional liability insurance consultant and a senior executive with Pennsylvania Medical Society Liability Insurance Company.
Physicians must be willing to contribute to the company’s surplus in addition to paying premiums as policyholders. MDHPIX has obtained the statutory minimum $1.5 million in capital from physicians to begin operations in Maryland and expects to begin offering policies around June 1, Gaudiosi told Insurance Journal.
In Maryland, the company is using a Baltimore-based managing general agency, Riggs, Counselman, Michaels & Downes, for sales and distribution.
Vermont criminalizes fraud
In what supporters hope amounts to a preemptive strike on insurance schemes, Vermont’s legislature on its last day of the 2006 legislative session passed a bill making insurance fraud a specific crime.
Gov. Jim Douglas was expected to sign HB 150 into law, according to the Coalition Against Insurance Fraud, which points out that would leave just three states that haven’t made insurance fraud a specific crime.
Alabama, Oregon and Virginia would be the only states that haven’t made insurance fraud a specific crime.
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