The financial challenges facing the Admitted Carriers in NYS writing medical malpractice are largely the result of 1) the state controlling the rates, 2) requiring the admitted or authorized carriers to pay for the losses of the pool/ MMIP which not only straps MLMIC and PRI but prevents competitive entry into the Admitted Market. Perhaps the state should look into requiring all risk funding facilities writing Medical Malpractice in New York State including RRG’s be required to contribute to MMIP., 3)a lack of successful tort reform legislation specific to medical malpractice.
Over the years, I have found both PRI and MLMIC to be client focused, responsible companies.
To have a state legislature strip its insurance commissioner of the ability to regulate the solvency of insurers. It’s time to call a spade a spade: Medical Malpractice Indemnity is no longer a form of insurance. If lawmakers allow Med Mal writers to ignore all of the accounting rules applicable to insurance, then they should remove Med Mal from the security fund protection and provide a new guaranty fund backed by assessments directly on all licensed medical professionals. Asking real insurance companies to back cashflow indemnity pools through the security funds is just plain wrong.
Does anyone have any updates on how PRI malpractice insurance? Or where there is a reliable source to find out whats going on and whats going to happen with this insurance.
The financial challenges facing the Admitted Carriers in NYS writing medical malpractice are largely the result of 1) the state controlling the rates, 2) requiring the admitted or authorized carriers to pay for the losses of the pool/ MMIP which not only straps MLMIC and PRI but prevents competitive entry into the Admitted Market. Perhaps the state should look into requiring all risk funding facilities writing Medical Malpractice in New York State including RRG’s be required to contribute to MMIP., 3)a lack of successful tort reform legislation specific to medical malpractice.
Over the years, I have found both PRI and MLMIC to be client focused, responsible companies.
To have a state legislature strip its insurance commissioner of the ability to regulate the solvency of insurers. It’s time to call a spade a spade: Medical Malpractice Indemnity is no longer a form of insurance. If lawmakers allow Med Mal writers to ignore all of the accounting rules applicable to insurance, then they should remove Med Mal from the security fund protection and provide a new guaranty fund backed by assessments directly on all licensed medical professionals. Asking real insurance companies to back cashflow indemnity pools through the security funds is just plain wrong.
Does anyone have any updates on how PRI malpractice insurance? Or where there is a reliable source to find out whats going on and whats going to happen with this insurance.
Andrea,
Were you able to find an answer to your question? Did you find a source for such information that you could share?
Thanks
Todd