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At ISMIE, the Feeling's Mutual |
Big news on the insurance front: the Illinois Department of Insurance has approved ISMIE's plan to convert to a mutual insurance company, effective January 1, 2002.
Since its inception in 1976, ISMIE has been a reciprocal insurance company. In a reciprocal, all physician policyholders insure each other through their policy premiums. A mutual operates the same way, but with a more modern corporate structure. As a mutual, ISMIE will continue to be physician-owned and managed, but with more flexibility to grow in the rapidly changing insurance marketplace.
"Everyone's heard of mutuals, and very few people have heard of reciprocals. In reality, however, they're very similar," commented Harold L. Jensen, MD, Chairman of the Board.
Beyond a new name and logo, however, policyholders won't notice any changes with their insurance. ISMIE Mutual Insurance Company will continue to be owned by its policyholders. The all-physician board of directors will continue to be elected by its policyholders as well. Most importantly, there will be no disruption of coverage, no changes in policies, and no lapse in our Physician First Service. ISMIE Mutual, in other words, will continue to build on its twenty five years of providing the best coverage, advocacy, and defense for Illinois physicians.