Medical professional liability insurer Medical Protective announced it will reduce its average rates for Texas physicians by another 7.3 percent effective Jan. 1, 2008.
The company said the reduction will be the fifth in the last three years, cumulatively reducing malpractice premiums for Texas physicians by an average of more than 30 percent.
The company also intends to implement two new credits for qualifying applicants and policyholders: A new-to-company credit and a preferred physician credit.
Medical Protective President and Chief Executive Officer Timothy Kenesey attributed the rate cuts to moderated severity and frequency of claims as a result of tort reform legislation enacted in 2003.
The company has more than 9,000 Texas policyholders and more than 75,000 nationwide.
Source: Medical Protective, www.medpro.com.
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