Maryland medical malpractice insurer, GE Medical Protective Co., has obtained approval for a 59.6 percent rate increase on its medical professional liability policies, slightly less than it had requested.
GE Medical had filed for a 67.9 percent hike effective August 1, 2004. But, according to Maryland Insurance Commissioner Alfred W, Redmer, Jr., the state shaved 8.3 percent off the original filing.
“A rate increase is never welcome to those who pay the premiums,” Redmer said in a statement “but paying eight percent less than you could have been paying and getting insurance coverage is still relatively good news.”
However, Redmer cautioned doctors, another pending rate filing by the state medical society, Med Chi, could eventually result in a larger increase than the Med Pro hike.
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