The New Jersey Department of Banking and Insurance (DOBI) has approved the adoption of a new business plan by the Lawrenceville-based MIIX Group, Inc., the state’s troubled professional medical liability insurer.
The plan calls for MIIX to raise capital to form a new physician-supported medical professional liability insurance company. “The new company will focus on what has been MIIX’s strongest business, New Jersey physicians. MIIX expects to enter into servicing and other financial arrangements to support the new company,” said the announcement.
The DOBI strongly supports this component of the Company’s new business plan.
MIIX President and CEO, Patricia A. Costante reacted with enthusiasm to the news. She stated that “formation of a new company was important to our new business plan, and we are gratified to have the support of our New Jersey regulators. We believe that our plans for the new company will serve the best interests of the Company, our shareholders and our insureds.”
The proposal follows a study by Norman Hecht Research, which conducted a “representative sample of MIIX’s New Jersey physician policyholders to assess their interest in capitalizing a new medical professional liability insurance company.” Costante indicated that “The results of the survey are very encouraging,” and noted that New jersey physicians appeared to be highly interested in participating in funding the new company.
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