September 06, 2004
Doctors taking matters into their own hands
Physicians in Ohio this summer created a new risk-retention group to provide medical liability insurance to physicians in Ohio, Kentucky and Indiana.
TriState Medical Insurance Co. is just one of the newest physician-owned insurance companies founded in recent years. These physician-owned insurance companies are a result of the rising liability insurance rates due to trial lawyers and the number of traditional insurers leaving markets or tightening underwriting practices. Physicians have trouble obtaining insurance so these risk-retention groups are becoming more and more popular.
"As physicians, we need to take control of our professional liability insurance destiny rather than rely upon public companies whose primary concern is protecting investor interest,"
-Robert Smith, MD, TriMed's chair and president.
Source - the following information is directly from TriState Medical Insurance Company website:
The mission of the TriState Medical Insurance Company Risk Retention Group (TriMed) is to operate in a financially sound manner for the benefit of its physician-policyholders to assure the on-going availability of a stable, long-term source of professional liability insurance for tristate area physicians.
Company Structure & Ownership:
As a reciprocal insurance exchange licensed under the federal Risk Retention Act, ownership of the company rests solely with its policyholders who are individual physicians.
Posted by Tom Troceen