The impact of a remedial plan to bring stability to West Virginia’s Board of Risk and Insurance Management’s programs likely won’t be seen until medical malpractice legislation takes hold, according to the Parkersburg News and Sentinel.com.
Looking at a potential $11 million loss by the end of the fiscal year, West Virginia’s Board of Risk and Insurance Management adopted a 16-point plan May 27 to bring stability to the program.
The agency could reportedly accrue up to $8 million in losses in the B.R.I.M. I program, which covers insurance claims for state agencies. The B.R.I.M. II program, created in 2001 to help cover the medical malpractice claims of West Virginia doctors, could reportedly be hit with a $3 million loss by year’s end.
The board’s plan reportedly recommends increasing premiums and comparing B.R.I.M.’s coverage as to those of industry standards.
Legislation completed this year will reportedly move the policies of doctors insured by B.R.I.M. II to the new private mutual insurance company, which will reportedly insure just doctors and doctor-owned medical practices.
The mutual company was formed to remove the state from the insurance business and offer stability to the private market.
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