New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.12 - Physicians and surgeons medical malpractice policy provisions for the period commencing July 1, 1991; established rates

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 40 of chapter 266 of the Laws of
				  1986, as amended by section 58 of chapter 165 of the Laws of 1991, requires the
				  superintendent to establish rates for physicians and surgeons medical
				  malpractice policies for the policy period July 1, 1991 through June 30, 1992
				  and establish a surcharge, of up to 25 percent, on the rates for such medical
				  malpractice policies for the policy period July 1, 1991 through June 30, 1992,
				  if required to satisfy any deficiency for the policy periods July 1, 1985
				  through June 30, 1990.
(b) The
				  superintendent has reviewed the reports mandated by section
				  70.8(h)  and
				  former section
				  70.9(f)  of this
				  Part, taken into account the factors set forth for consideration in section 58
				  of chapter 165 of the Laws of 1991, and evaluated the financial condition of
				  insurers issuing policies of medical malpractice insurance, as reflected by
				  examinations conducted in accordance with section 310  of the Insurance Law. As
				  a result of review and consideration, the superintendent has determined that a
				  deficiency exists, in one instance, for the policy periods July 1, 1985 through
				  June 30, 1990.
(c) Rates and
				  surcharges for occurrence policies providing primary coverage, up to $1
				  million/$3 million, issued or renewed during the period July 1, 1991 through
				  June 30, 1992, shall be as follows:
(1) For
				  Frontier Insurance Company, rates shall be five percent less than those
				  established pursuant to section
				  70.11(c)(1)  of
				  this Part. No surcharge shall be collected for this insurer.
(2) For Group Council Mutual Insurance
				  Company, rates shall be those established pursuant to section
				  70.11(c)(2)  of
				  this Part. In addition, a surcharge of 4 percent shall be collected for this
				  insurer.
(3) For Medical Liability
				  Mutual Insurance Company, the rate adjustments shall be as indicated in
				  subdivision (j) of this Part, which also reflects a territorial modification
				  approved by the superintendent in accordance with section 2307 (a)  of the
				  Insurance Law. No surcharge shall be collected for this insurer.
(4) For the Medical Malpractice Insurance
				  Association, the rate adjustments shall be as indicated in subdivision (j) of
				  this Part, which also reflects a territorial modification approved by the
				  superintendent in accordance with section 2307 (a)  of the Insurance Law. No
				  surcharge shall be collected for this insurer.
(5) For Physicians Reciprocal Insurers, rates
				  shall be five percent less than those established pursuant to section
				  70.11(c)(5)  of
				  this Part. No surcharge shall be collected for this insurer.
(6) For all other insurers, rates shall be
				  those established by paragraph (3) of this subdivision, unless the insurer can
				  demonstrate to the satisfaction of the superintendent that another rate is
				  appropriate. No surcharge shall be collected for any such insurer unless
				  specifically required by the superintendent.