Rate Hearing Update

On November 9 ISMIE Mutual testified at the second rate hearing called by the Illinois Division of Insurance (DOI) under the new regulatory provisions of S.B. 475, the medical litigation reform bill that was signed into law on August 25.

ISMIS Chair Alfred J. Clementi, M.D., along with a team of ISMIE Mutual senior insurance experts, demonstrated the need for adequate surplus, strong reinsurance, and precise classification of medical risk.

At press time, the outcome of the DOI hearings is not known. For nearly 30 years ISMIE Mutual and the DOI have had a constructive relationship. Although the hearings are an unprecedented event for both entities, ISMIE Mutual is hopeful that fairness, without political bias, will characterize the impending results.

Full coverage of both hearings (September 27 and November 9) is available in a special section highlighted on the home page of ISMIE Mutual’s Web site: www.ismie.com. Policyholders will receive additional communiqués by mail, fax and e-mail as more information becomes available.