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ISMIE Investments Strengthens PBTLIC |
The Board of Governors of the Illinois State Medical Inter-Insurance Exchange (ISMIE) has purchased a capital investment in the Physicians' Benefits Trust Life Insurance Company (PBTLIC). The investment will stabilize PBTLIC's finances and facilitate an expansion plan which includes providing health benefits to members of the Chicago and Illinois Dental Societies.
Recently, PBTLIC's expansion plans were put on hold when the Illinois Department of Insurance stipulated that they raise their surplus to cover added claims risk. That's when the PBTLIC Board of Trustees approached ISMIE for a capital investment.
The ISMIE Board of Governors approved the investment because PBTLIC's indemnity plan reinforces ISMIE's hallmark tradition of physician advocacy.
"The Illinois State Medical Inter-Insurance Exchange was founded as a service to the physician members of ISMS. We view our investment in PBTLIC as an extension of that service, and we know a lot of our physicians feel the same way," said Dr. Harold L. Jensen, Chairman of the ISMIE Board of Governors.
As a result of its investment, ISMIE will obtain a majority of ownership of PBTLIC. Additionally, a new PBTLIC board will be convened, containing seven ISMIE-appointed representatives, one Chicago Medical Society representative, and one ISMS representative, ensuring that PBTLIC's commitment to physician ownership and choice will continue unabated.
Currently, the Physicians' Benefits Trust Life Insurance Company insures approximately 3,000 physician-members of ISMS, along with their staffs and dependents, for a total of nearly 10,000 covered lives.