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Tuesday, September 21, 2004Texas' largest medical liability insurance provider said Monday it will cut its rates by 5 percent starting in January. The drop by the Texas Medical Liability Trust, or TMLT, comes on top of a 12 percent decrease the company implemented last January, after a new law and state constitutional amendment allowed a cap on jury awards and limited insurance companies' liability. 'If you think about it, that's a 17 percent reduction in rates in just a year, and I think what's more important than that, that's over $34 million of savings to TMLT's Texas physicians in a single year,' TMLT president and CEO W. Thomas Cotten said during a Capitol news conference. TMLT had raised its rates by 147.6 percent between 1999 and 2003, according to the Texas Department of Insurance. Remember that the next time someone tells you tort reform won't solve the medical malpractice insurance crisis. posted by Sydney on 9/21/2004 06:36:00 PM 0 comments 0 Comments: |
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