Miss. Doctors to Receive 20% Premium Refunds

http://www.insurancejournal.com

The Medical Assurance Company of Mississippi is refunding up to 20 percent of premiums to its physician customers.

According to Michael D. Houpt, MACM president and CEO, the malpractice insurance refund has been made possible almost entirely as a result of the significant reduction in incurred losses.

“This phenomenon began to manifest itself shortly after the legal environment in Mississippi began its historic turnaround, and has continued throughout 2006,” Houpt said. “Loss and loss adjustments expenses have continued to decline, and our surplus position is such that we can return premium again this year without placing the company at any financial risk.”

Insurance Commissioner George Dale also credited the legislative changes for the savings.

“This is a continuing example of the positive effect lawsuit reform legislation has had in this state,” Dale said. “I am confident we will continue to see more signs of progress such as the MACM announcement in the future.”

Gov. Haley Barbour also welcomed the news. “These refunds are yet another example of how tort reform has benefited Mississippians by working to protect the quality and availability of healthcare, and I am confident this legal reform legislation will continue to produce positive impacts in our great state,” he said.

Source: Mississippi Insurance Department
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