Profession
N.Y. freezes liability insurance rates
NEWS IN BRIEF — Posted Sept. 8, 2008
New York physicians staved off what they say could have been a devastating hike in medical liability premiums after the governor in August signed into law a measure prohibiting any rate increases between July 1 and June 30, 2009.
The New York State Insurance Dept. held off expected rate increases ranging from 11% to 30% due to the impending legislation. The possible rate hikes would have followed a 14% across-the-board increase that insurance regulators instituted in 2007.
With the new law, doctors will see no change in premiums for the 2008-2009 policy year. The Medical Society of the State of New York pushed for the measure and said it will continue to advocate for liability reforms.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2008/09/08/prbf0908.htm.