Profession
Illinois medical liability insurance premiums stabilize
NEWS IN BRIEF — Posted Sept. 1, 2008
Thousands of physicians across Illinois will see their medical liability insurance premiums hold steady again in the 2008-09 policy year after the state's largest carrier announced that it would not change base liability insurance rates for the second year in a row.
Some specialties even will see premium cuts ranging from 3% to 12%. The rates will take effect with medical liability policies that will be renewed as of Oct. 1.
The medical liability insurer, ISMIE Mutual Insurance Co., credited the improvements to an overall drop in claims filings after the state Legislature enacted tort reforms in 2005.
Officials with ISMIE said those measures, which included a $500,000 cap on noneconomic damages, helped the physician-owned company to lower its rates by an average 5.2% in 2006 and offer other rebates to its members.
But executives from ISMIE warned that those rate improvements for physicians could disappear if the $500,000 noneconomic damages cap were overturned by a constitutional challenge that is pending in the Illinois Supreme Court.
The Illinois State Medical Society, along with the Litigation Center of the American Medical Association and State Medical Societies, filed a friend-of-the-court brief in the case, urging the high court to uphold the award limit.
A ruling on the constitutional challenge is expected by the end of the year.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2008/09/01/prbf0901.htm.
