West Virginia Insurance Commissioner, Jane L. Cline, approved West Virginia Mutual Insurance Co.’s request to repay $8 million on an outstanding balance of the $16 million surplus note it owes the state.
The state received on June 26 and reduces the amount owed on the surplus note to $8M. Since the WVMIC’s establishment, medical liability rates have decreased 15 percent, according to Cline.
“The WVMIC was created to provide medical liability coverage to physicians practicing in West Virginia who, at the time, were having a difficult time obtaining adequate and affordable coverage,” Cline said. “Physicians were being forced to relocate to other states leaving West Virginia without adequate medical providers in some specialties. I am particularly proud of the success the WVMIC has had and applaud them for the work they have done to rebuild the West Virginia medical liability market. Access to medical care is critical to our citizens and we will continue our efforts to further improve.”
The WVMIC is the largest provider of medical liability insurance in West Virginia with a market share of 60 percent, according to Cline. The company began operations in July 2004.
Source: West Virginia Insurance Commission
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