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N.Y. Political Impasse Delays Medical Malpractice Rate Decision

 

Friday, Jul 10,2009, 1:52:14 PM   Click:

New York's top insurance regulator said he will delay setting new medical malpractice insurance rates until a political stalemate in the state Senate ends.

Acting New York State Insurance Superintendent Kermitt Brooks said in a statement he will allow time for the Senate to respond to the state Assembly's approval of an extension of the freeze on medical malpractice rates, which are unchanged since 2007. Brooks said when rates for 2009-2010 are established, they will be retroactive to July 1.

The rate freeze was enacted in 2008 (BestWire, Aug. 25, 2008).

The Senate, with 31 Republicans and 31 Democrats, has been deadlocked in a dispute over its leadership.

The top five writers of medical malpractice coverage in New York in 2008, according to A.M. Best Co. state/line data, are: MLMIC Group, with 40.1% of market share; Physicians Reciprocal Insurers, 23.3%; MCIC Vermont Inc. Risk Retention Group, 9.1%; Hospitals Insurance Co. Inc., 8.2%; and American International Group Inc., 5.3%.

(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)

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