The Doctors Company, which provides medical malpractice insurance to Wyoming physicians, has received approval from the state for a 7.3 percent base rate increase for medical malpractice insurance premiums.
To be approved, rates cannot be “excessive, inadequate or discriminatory,” according to the Wyoming Insurance Code.
But insurers must charge rates that are adequate so that reserves will exist in coming years to pay claims, according to a news release from Gov. Dave Freudenthal’s office.
The Doctors Company originally asked for an 8.1 percent overall base rate increase in a March 2005 filing with the state Insurance Department.
The overall base rate level represents the average of the changes to rates for each physician specialty. That means that individual doctors, depending on their specialty, can get an increase above or below the overall rate increase of 7.3 percent.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Was this article valuable?
Here are more articles you may enjoy.