Medical Malpractice Insurance News

MLMIC’s Chief Actuary Thomas Ryan answers questions related to a recent report on the nationwide medical professional liability market. The conversation, reprinted here from The Scope: Medical Edition, can help our readers understand the challenges specific to the New York market and how they impact insurers and policyholders.

1099-B tax forms for recipients of cash consideration from MLMIC’s acquisition by National Indemnity Company will be sent on February 25 via Computershare. The mailing will contain an explanatory insert and a 1099-B tax statement required by the IRS.

MLMIC asks any objectors or Eligible Policyholders currently involved in an unresolved dispute over cash consideration to read the recent Order from the Superintendent of the New York State Department of Financial Services and review your obligations, available options and the future status of the cash consideration held in escrow.

Berkshire Hathaway CEO Warren Buffett and MLMIC Chairman of the Board James Reed, M.D., discuss the future of healthcare and MLMIC’s role protecting New York physicians.

MLMIC will provide and pay for a voluntary dispute resolution process to address any cash consideration in dispute between eligible policyholders and objectors following the closing of the Berkshire Hathaway transaction.

Berkshire Hathaway CEO Warren Buffett will be joining MLMIC Chairman of the Board James Reed, M.D. for a live streaming event at noon on Wednesday, October 17, 2018. The moderated discussion – available for free online (no registration required) – is an opportunity for policyholders and members of the public to hear how the top economic issues impact New York’s ever-changing healthcare marketplace.

MLMIC announces the official completion of its conversion from a mutual company to a stock company and its acquisition by National Indemnity Company, a subsidiary of Berkshire Hathaway. The cash consideration resulting from the conversion will be paid out to eligible policyholders as promptly as practicable.

By a vote of 6,635 out of 6,979, the Plan of Conversion and Amended and Restated Charter were approved by the Record Date Policyholders in accordance with Section 7307 of the New York Insurance Law.

MLMIC has always recognized that eligible policyholders have the right outside the plan of conversion to assign their right to receive their allocable share of the cash consideration. MLMIC will honor any properly drafted and signed assignments that it receives from eligible policyholders on a timely basis.

In the proposed transaction with Berkshire Hathaway, MLMIC announces an important clarification on the description of the extraordinary dividend to NICO.