CMIC Connecticut Rates Remain Unchanged for Sixth Consecutive Year; Premium Credit Eligibility Expanded
GLASTONBURY, CT – September 3, 2009 – CMIC, a leading doctor-owned medical malpractice insurer serving Connecticut and Massachusetts, today announced that the overall rate indication for Connecticut is unchanged for the upcoming 2010 policy year. The announcement follows a detailed rate review performed by the Company’s independent consulting actuary, Towers Perrin.
Furthermore, CMIC will increase the number of policyholders eligible
for loss experience credits by adding a new layer of credit for those insured with
CMIC for a minimum of three consecutive years. Previously, the program required
policyholders be insured with the Company for at least five consecutive years. Based on loss experience, credits range from 5% to 32.5% - more than double the amount
offered at the program’s inception in 2003. Policyholders may also be eligible to
receive an additional 5% credit if their medical practice utilizes a CCHIT certified
EHR. Rates for corporate coverage remain unchanged at 10%.
“We are very pleased that the actuarial rate indication remains unchanged,” said Denise Funk, CEO of CMIC. “Because of the continued stability, CMIC is sharing the positive results with our members by keeping premiums stable,
increasing premium credit eligibility and providing opportunities to earn additional
premium reductions. CMIC has returned $30 million to policyholders since 2003.”
“2009 marks the sixth consecutive year that CMIC’s rates are unchanged, keeping doctors’ premiums stable,” said Dr. Sultan Ahamed, CMIC president and chairman. “Establishing and maintaining appropriate premiums in conjunction with our commitment to firm underwriting standards and prudent financial management continue to strengthen the Company. We are pleased to pass the Company’s success on to our policyholder owners as we celebrate our twenty-fifth year of business.”
About CMIC
established as a mutual company in 1984, is a leading doctor-owned provider of professional liability insurance and services to doctors and healthcare professionals in Connecticut and Massachusetts. CMIC is headquartered in Glastonbury, CT and serves Connecticut
and Massachusetts exclusively. For more information visit CMIC’s website at www.cmic.biz.
Media Contact: Wendy Barclay
Communications Specialist
80 Glastonbury Boulevard
PO Box 71
Glastonbury, CT 06033
T: 860.633.7788 ext. 288
F: 860.633.8237
E-mail: wsb@cmic.biz
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