Illinois Malpractice Insurer Lowers Rates in Wake Of New Insurance Regulation
The Illinois medical malpractice insurer Medical Protective recently announced they were reducing rates by 32% in Illinois. This comes as a direct result of the insurance regulation reform that was passed as part of the medical malpractice reform legislation last year. As mandated by the legislation, insurers in Illinois began to diclose claims and payout information. The law also allowed state regulators to hold public hearings where insurers had to justify thier rate filings. Although Medical Protective should be commended for lowering their rates, Illinois largest malpractice insurer, ISMIE, has actually increased thier rates. Furthermore, even the successes of the insurance regulation portion of the new legislation does not outweigh the harm created by the damage caps included in the same law.