NJ DOBI Approves Name MIIX Advantage

May 21, 2002

The New Jersey Department of Banking and Insurance (DOBI) has approved the use of the company name “MIIX Advantage Insurance Company of New Jersey,” according to a company announcement.

MIIX is in the process of closing down most operations outside of NJ and its plans for restructuring through the creation of a new physician-supported insurance company, “which will market medical professional liability insurance coverage exclusively to New Jersey physicians,” have been approved by the DOBI (See IJ website May 6, 7 and 14)

The company further announced that, “As MIIX Advantage proceeds with the formation of a physician-supported company, membership packages for the 90-day limited membership offer will be mailed to New Jersey physicians during the week of May 20, 2002. Physician contributions used to capitalize MIIX Advantage will be set by specialty and are expected to average $11,000 per physician.”

MIIX Advantage is expected to begin operating by the first of August, subject to regulatory approvals. Patricia A. Costante, Chairman and CEO stated, “MIIX Advantage will draw on the core strengths of the MIIX Group of Companies, including its 25-year history in New Jersey, its dynamic professional management team, and its unrivaled claims operation and litigation defense service.”

She plans on meeting physicians throughout New Jersey over the next several weeks to discuss the formation of MIIX Advantage.

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