Nev. liability insurer hikes premiums
NEWS IN BRIEF — Posted Aug. 8, 2005
The Medical Liability Assn. of Nevada has raised its premiums by 14.8% starting July 1, a move that was not surprising to a medical community that had seen much larger increases over the last few years.
Premium increases were expected because tail coverage is subject to three different state statutes, said Lawrence P. Matheis, executive director of the Nevada State Medical Assn. Once all the coverage is included under recently approved legislation, rates should stabilize, he said.
Nevada voters in 2004 approved referenda that strengthened the state's $350,000 cap on noneconomic damages and limited attorney contingency fees. The measures already have helped recruit more physicians to Nevada, Matheis said.
Nevada Insurance Commissioner Alice A. Molasky-Arman approved the increase for MLAN, which insures nearly 1,000 physicians in the state. Another insurer, The Medical Protective Company, which insures only about 180 physicians, increased its rates by 9%, Molasky-Arman said.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2005/08/08/prbf0808.htm.