Tim Wagner, Director of the Nebraska Department of Insurance, announced that rates charged by the Nebraska Excess Liability Fund for excess medical professional liability insurance for doctors, hospitals and other health care providers will increase again this year.
He indicated that the increases were necessary “due to significantly higher loss payments and declines in investment income on the assets of the Fund.” The announcement noted that “Rates increased two years ago from 5% to 20%, then from 20% to 35% last year, and now from 35% to 50% effective January 1, 2003.”
“A rate of 50% is the highest allowable under the law that created the Excess Liability Fund,” said the bulletin. “Rates for the Fund are a percentage of the health care provider’s primary liability insurance policy, which means that this increase is even somewhat greater than it appears, as medical professional liability insurance rates have increased significantly in the last several years in Nebraska.”
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