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Insurance Department Commends Legislature For Passing Medical Malpractice Insurance Reform Bill
Enhanced reporting requirements will give more complete picture of industry
JEFFERSON CITY, MO – Missouri Department of Insurance Director Dale Finke offered his thanks today for the Missouri Legislature’s passage of a medical malpractice reform bill. House Bill 1837, sponsored by Representative Brian Yates of Lee’s Summit, will give the department better tools to monitor the stability of the medical malpractice insurance market in Missouri. It will increase data reporting to the department, an area that has been lacking for several years. Insurers will be required to file rates with the department prior to using the rates. Those rates will be examined by department personnel based upon Missouri loss experience only. The bill will also not allow medical malpractice insurers to increase rates by more than 15 percent without giving at least 60 days notice to their insureds. Insurers will no longer be able to refuse to renew a policy without giving 60 days notice, and will also prohibit insurers not issuing medical malpractice policies without first giving at least 180 days notice.
"The Missouri Legislature has proven their commitment to reform the medical malpractice industry here in Missouri," said department director Dale Finke. "This bill will give the department the tools it needs promote fair competition in this line of insurance."
The bill will also provide the department a measure of oversight over self-insureds and surplus lines insurers by requiring claims data be reported to the department as other medical malpractice insurers do. Self-insureds and surplus lines insurers will also be required to report to the department exposure and premium data. This will provide a more complete picture of the medical malpractice industry as a whole in the state of Missouri. Self-insureds and surplus lines insurers represent over 20 percent of the medical malpractice industry in this state.
About the Missouri Department of Insurance
The Missouri Department of Insurance is charged with the responsibility of consumer protection in the regulation of the insurance industry in Missouri. This includes financial examinations into the financial condition of insurance companies so that they are able to cover claims, market regulation examinations into the conduct of the insurance companies in their dealings with customers, licensing of qualified insurance producers, and a Consumer Affairs division that works to assist consumers with insurance-related complaints, and investigates insurance fraud. Agents numbering over 90,000 maintain licensure with the Department to transact insurance business in the state of Missouri. Each year, customer service representatives with the Department field tens of thousands of phone calls from consumers, providing assistance to Missouri residents who have questions/concerns regarding various aspects relating to insurance. For more information on services provided by the Missouri Department of Insurance, visit the Department’s website at insurance.mo.gov.
Cosmetic surgery malpractice is a common occurrence
Negligence happens when ill-equipped medical practitioners, like doctors, nurses, anesthesiologists, and other healthcare professionals carry out such relatively simple cosmetic procedures like botox injections and forehead lifts. Negligence of this kind is criminal. It can happen to anyone.
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Definition:
A physician who has successfully completed an ACGME-approved residency program or its equivalent in an American Board of Medical Specialties (ABMS)-recognized specialty and has been certified by an ABMS member board
Confidentiality
Definition:
The principle that prohibits physicians from disclosing confidential comments made to them by patients unless required to do so by law. The law may require physicians to violate patient confidentiality if the patient poses a serious threat to his or her own health and the well-being or that of others.
Statute of limitations
Definition:
A statute specifying the period of time after the occurrence of an injury--or, in some cases, after the discovery of the injury or of its cause--during which any suit must be filed.
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