West Virginia Mutual Insurance Co. (WVMIC), formerly known as the West Virginia Physician’s Mutual Insurance Co., has paid off the $24 million surplus loan it received in 2004 from the State of West Virginia.
WVMIC received a $24 million start-up loan from the state of West Virginia in June 2004. In receiving this payment, the state of West Virginia has received the entire amount borrowed by the WVMIC, plus interest, according to West Virginia Insurance Commissioner Jane L. Cline.
The state loaned the money to the physician-owned carrier at a time when West Virginia physicians faced difficulty obtaining medical liability insurance at affrdable rates fro existing carries.
“This physician’s mutual program has been a true success and, along with our efforts to improve the medical liability market, has enabled West Virginia to keep so many of our best physicians to serve the people of our state,” said Gov. Joe Manchin.
WVMIC is the only non-profit, member-owned medical liability insurance company in West Virginia.
Source: West Virginia Insurance Department
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