As we head into another election cycle and legislative year where we are sure to hear the endless drones of our state so called leaders that Oklahoma desperately needs lawsuit reform. They will drone on about how doctors are leaving the state (false) and then proceed to speak about how horrid doctors insurance rates are. Well, I’m here to call them on their fabrication and lies. Below I’ve copied a press release by Physicians Liability Insurance Company of Oklahoma stating that they are raking in the money. Now that they are so prosperous, wonder if they will reduce rates and even if they do do you think we will hear about it.
Physicians Liability Insurance Company (PLICO), the preeminent medical professional liability insurance company in Oklahoma, announced that in just over two years it has overcome a $143,000,000 surplus deficit. Carl Hook, M.D., President and CEO of PLICO, said, “We beat the projections by 1 1/2 years and are currently building positive capital. What a turnaround! This is one of the most remarkable financial recoveries in insurance industry history!”
Due to a medical professional liability crisis for loss years 1998 through 2001, which resulted in a huge increase in the size of awards as well as an increase in the frequency of claims reported, independent actuaries determined PLICO to have a surplus deficit in December of 2003. A Capitalization Plan was developed and implemented on July 1, 2004 to address this financial problem.
Dr. Carl Hook said, “The success of the recapitalization effort is due to our loyal physicians who understand the value of determining their own destiny in professional liability coverage. PLICO looks forward to continuing its long term commitment to Oklahoma doctors and patients.”
For more information on this subject matter please refer to the section on Medical Malpractice and Negligent Care.