MEDICAL ASSURANCE CO. DROPS RATES

Medical Assurance Co. of Mississippi, a physician owned provider which covers about 70 percent of the state’s physicians, has announced a 5 percent decrease in its 2006 malpractice rates and a 10 percent refund on 2005 premiums.

The premium reductions are Mississippi doctors’ first taste of relief from malpractice insurance premiums since the legislature approved tort reform legislation three years ago.

The reduction was approved by MACM’s board of directors.

In 2004, the Mississippi Legislature approved limits on civil lawsuits in response to complaints that high insurance rates were driving physicians out of the state.

If MACM’s financial position continues its recovery from the underwriting difficulties experienced in recent years, the company’s board has approved a refund of 10 percent of the premium paid by those insured in 2005.

The refund will be based on the first $1 million of coverage for physicians insured with the company as of Dec. 15, 2005.

Topics Mississippi