At the December meeting of the MICA (Medical Professional Liability Insurance for Arizona, Colorado, and Utah) Board of trustees, the board declared that it had a dividend of $60 Million, and that it will be paid to participating policyholders who are current MICA members on December 31, 2010.
The dividend will be apportioned based on earned premium for a 36-month period that ended in December 31, 2010, which means that for a physician insuring with MICA for three years, he or she will earn back approximately 42% of their annual 2010 premium.
With this latest round of dividend payout, the amount of dividend paid to MICA members in the past 5 years now total $180 million.
In addition, should the Arizona Department of Insurance approve, MICA will decrease its base rates for Arizona physicians on an average of 10 %, scheduled to take effect on April 1st of this year. This represents an average e reduction of 25% since April 1st, 2007.
Finally, a bill introduced to the Arizona State Senate this year will increase the burden of proof in medical malpractice lawsuits, to the point of requiring the claimant to present “clear and convincing” evidence, which will significantly increase the difficult of pursuing redress for medical malpractice victims.
No matter the difficulty, Simon Law Group is dedicated to helping you seek the damages and awards you deserve, following a medical injury. Contact Simon Law Group today.
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