Posted On: February 2, 2007
Insurance rates do not come down with caps on damages
This is no surprise to medical malpractice lawyers but insurance rates are not coming down in a significant way even in states with caps on damages:
Medical malpractice companies benefiting from courtroom caps today must tell state regulators why they are not returning more of that money to doctors and the public. Insurance Commissioner Kevin McCarty has ordered executives of major malpractice insurers to attend public hearings today in Tallahassee on their rates. Consumer Advocate Steve Burgess, in the Department of Financial Services, estimates premiums should be cut 40 percent to 50 percent. Michigan-based ProNational Insurance instead offers to cut rates 8.6 percent."Paige St. John, Tallahassee.com 1/29/07
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