Physicians in Pennsylvania will get a break from rising malpractice insurance premiums next year, as the Pennsylvania Medical Society Liability Insurance Company has indicated it will not seek a rate hike in 2006.
The insurer also announced that it will begin writing new policies again effective in January 2006, with applications being accepted starting in October.
The company made its intentions not to raise rates known in a letter to policyholders signed by Jaan Sidorov, MD, chair of the board.
On its web site, the company explained that it is eliminating restrictions of the writing of new business that were instituted in early 2002.
Earlier this year, the state insurance department concluded after a study that the current marketplace is not positioned to write increased policy limits. As a result, PMSLIC’s 2006 renewal policies will continue to provide $500,000 per occurrence/$1 million annual aggregate.
The company took pride that A.M. Best affirmed its rating of B++ (Very Good) and upgraded its rating outlook to stable.
“The upgrade in our rating outlook demonstrates that PMSLIC is doing what it takes to be the long-term provider of coverage for Pennsylvania physicians,” Sidorov stated.
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