Wyoming Administrative Code › Agency 048 - Health, Department of › Sub-Agency 0050 - Rural Health, Office of › Chapter 1 - MEDICAL MALPRACTICE INSURANCE ASSISTANCE PROGRAM › Section 1-9 - Criteria for Approval of Loan

Current through July 13, 2024
An application shall be approved if the application is
				  complete, the applicant meets the requirements of these rules and the Act, and
				  the applicant agrees to the terms and conditions ot the loan assistance
				  program;
(a) Physicians.
(i) Amount. The principal amount of the loan
				shall be the amount applied for, but shall not exceed the premium for the
				coverage purchased or to be purchased under this Act by the physician. This
				amount shall be prorated to reflect the percentage of the physician's or the
				contracting entity's actual practice in Wyoming;
(ii) Terms of the contract. Upon approval of
				the application, the physician shall enter into a contract with the Department
				and shall sign a promissory note as approved by the Department prior to
				disbursement of any funds. The contract shall include the following terms:
(A) Practice in Wyoming. The physician shall
				agree to practice in Wyoming in the physician's specialty or sub-specialty for
				a period of three (3) years after the effective date of the malpractice
				insurance policy purchased with the loan proceeds;
(B) Interest rate. The interest rate for
				loans made pursuant to this Chapter shall be determined by the Wyoming State
				Treasurer at an annual rate equal to the average prime interest rate during the
				preceding fiscal year plus one percent (1%) and shall be adjusted effective
				January l" of each calendar year, including January V\ 2005. To determine the
				average prime interest rate, the State Treasurer shall average the prime
				interest rate for at least seventy-five percent (75%) of the thirty (30)
				largest banks in the United States.
(C) Time for repayment. Loans made pursuant
				to this Act shall be repaid in no more than five (5) years from the date the
				loan funds are disbursed;
(D)
				Participation in Medicaid and CHIP. The physician shall become or shall
				continue as a Medicaid and CHIP services provider for the three (3) year period
				specified above in subsection (A);
(E) Breach of contract. In addition to any
				other civil or criminal penalties that may be imposed by law, any physician or
				contracting entity that fails or refuses to fulfill the terms of the contract
				required under this Act shall be in breach of the contract. In the event of a
				breach of the contract, the physician shall immediately repay the outstanding
				principal on the loan, plus accrued interest under the contract, together with
				attorney fees, and any other costs of collection;
(F) Documentation. A physician shall, upon
				written request of the Department, promptly provide documentation to show that
				the physician is in compliance with the contract. In addition, the physician
				shall, at the times specified in the contract but in no event less than once
				per year, submit documentation showing compliance with the terms of the
				contract. The physician shall promptly notify the Department in writing of any
				change in name, address or other terms which may affect the terms of the
				Contract; and
(G) Disclosure of
				delinquency. The Department may disclose any delinquency or default on the loan
				or the contract to credit bureaus.