A major medical liability insurer will return nearly $100 million to the state of Maryland and local doctors, in a deal announced by state officials.
Maryland Gov. Martin O’Malley and Insurance Commissioner Ralph S. Tyler announced that Medical Mutual Liability Insurance Society of Maryland (Medical Mutual) will return to the state $84,075,699 in medical liability rate subsidy payments it received.
In addition, the insurer will return another $13.8 million to policyholders as a credit against future premiums, along with an 8 percent rate reduction for 2008 from 2007 rates.
Tyler negotiated the settlement after halting a Medical Mutual plan to return $68.6 million in dividends to policyholders. Tyler argued that some of those funds were owed to the state, which had provided premium subsidies.
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