Texas Medical Liability Trust, Texas’ largest medical liability insurance provider, announced it would reduce rates by an additional 5 percent for member physicians. The 5 percent reduction is in addition to a 12 percent rate cut the insurer implemented earlier this year.
The company said, together, the rate cuts would translate into a $34 million savings for Texas physicians and are the result of the stabilizing medical liability market made possible by legislative reforms and passage of Proposition 12 last year.
The new rate reduction will be effective Jan. 1, 2005.
TMLT serves 12,000 doctors, representing 48.2 percent of the available physician market in the state. Since TMLT announced its 12 percent rate cut in January 2004, more than 1,600 new physician policyholders were added to its ranks.
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