On January 17, the Albany Times Union reported a new development in the struggles for one of New York’s major malpractice insurance carriers. You can access the article here under the Times Union headline, “Amid scandal and fiscal woes, insurance mogul steps aside.”
Instability of a large provider creates some uncertainty for the entire market, of course, but we want to assure MLMIC policyholders that their coverage is not at risk. By adhering to responsible underwriting practices from our beginning, MLMIC continues to demonstrate sound financial condition and is able, once again, to offer a policyholder dividend (20% for those insured by May 1 and continuously insured through July 1).
We’ll keep monitoring the situation in the market on your behalf and will apprise you of further developments. In the meantime, if you have questions, please call 1 (888) 488-9253.