Pediatricians Insurance RRG of Amerca (PIRRGA) Wins Regulatory Approval to Underwrite Medical Malpractice Insurance in Florida
Miami, FL (ContentDesk) February 20, 2004--Pediatricians Insurance Risk Retention Group of America (PIRRGA), a physician-owned and physician-governed medical malpractice insurance company, today announced that it has received notification of registration from the Florida Office of Insurance Regulation to begin underwriting medical malpractice insurance in Florida. The company, legally
domiciled and licensed as a Risk Retention Group (RRG) in Vermont, has commenced operations and opens with over $1,000,000 in capital infusion from its member doctors.
The company is accepting new applications from Florida pediatricians immediately."This is a great day, and a notable milestone for Florida's medical malpractice insurance market," said Eugene Rosov, president of PIRRGA and of Medical Development and Management, Inc., which, in conjunction with Marsh Management Services Inc. will administer the program under the auspices of the PIRRGA Board of Directors.
"For the last year, we have had the privilege to work with hundreds of doctors who decided to stand up and take control of an insurance market in disarray.
With this registration, the state of Florida has recognized their efforts and given approval to a truly unique company owned by pediatricians, operated by pediatricians, and which exists only for the benefit of pediatricians and their patients."In a recent study by the American Medical Association, Florida was one of twelve states where the cost of obtaining medical malpractice insurance was identified as reaching crisis proportions. Further, the situation has been exacerbated by the dramatic contraction of viable malpractice insurance providers and concurrent increases in professional liability premium costs in Florida.
"On behalf of our physician members, we would like to thank the Florida Office of Insurance Regulation, and especially Kevin McCarty, the Director of the Office of Insurance Regulation and his staff, who oversee insurance in Florida," said Mr. Rosov.
"Thanks to their efforts, and the help of Len Crouse, Deputy Commissioner of Captive Insurance and his staff in the Captive Insurance Division in Montpelier, Vermont, we can begin the vital mission of bringing confidence and rational pricing to Florida's troubled pediatric medical malpractice insurance market."The PIRRGA SolutionPIRRGA was established in direct response to Florida's worsening medical malpractice insurance crisis.
PIRRGA members comprise a Risk Retention Group, an incorporated group of members of a stock insurance company who pool capital and premiums to mutually insure one another. PIRRGA's mission is to provide Florida pediatricians with a long-term medical malpractice insurance solution with no profit motive. PIRRGA members have elected a Board of Directors to make all important company decisions. The Board is fully independent and serves only the interests of its members. Members have control over every aspect of the company.
MDMC and Marsh Management Services Inc. oversee the day-to-day operations of the company. "We manage PIRRGA as if were our only asset in the world, and few other insurance managers operate under a similar mandate, mainly because they have owners who focus on short- term profits and reported earnings.
Our principal advantage is our unique group of members. Most of them will be with us for decades to come.
This stable ownership base gives us the longest-term management horizon to be found in an insurance company.
While the current financial results of PIRRGA are of great importance to us and the Board, we will never allow them to be achieved at the expense of building ever-greater financial and competitive strengths," said Mr. Rosov.The company points out that the press has been filled with reports of physicians and specialists saying that they're considering leaving the state because of the cost of medical malpractice insurance.
PIRRGA believes that it is a viable choice that holds out hope for adequate coverage with affordable premiums. By setting up a company that has no profit objective, it will only issue medical malpractice insurance, and will restrict membership to Florida pediatricians, and will not have to worry about increasing premiums to satisfy the need for shareholder profits.The PIRRGA Business ModelPIRRGA will solicit and accept applications from independent practice pediatricians and pediatric groups throughout Florida without regard to size.
The company is not planning to expand into other lines of insurance or offer coverage to hospitals and other health care facilities, nor does it have any plans at this time to underwrite policies in other states. "We do not intend to diversify," said Mr. Rosov.
"Our focus is on helping all of our members become risk-free as much as possible, and implementing practices which follow the stringent guidelines set by the American Academy of Pediatrics.
By focusing on the practice, and risk management in pediatrics only, we believe that we will achieve a lower risk profile and tremendous rewards to both doctors members and their patients."The PIRRGA business model is built to achieve steady, conservative growth, and will accomplish its mission through disciplined and selective underwriting of risk combined with on-site risk management education and continuous member reviews.
This strategy is designed to produce results that will out-perform industry averages while creating stable, long-term premium pricing and availability of malpractice coverage for its members. PIRRGA will take all necessary steps to guarantee consistent and fair underwriting treatment. The company will offer claims-made medical malpractice insurance policies at cost, with excess profits being returned to policyholders in the form of dividends or distributions. It will offer liability limits of up to $250,000 per occurrence, $750,000 aggregate. Unlike other similar providers, the company does not charge any application fee.
The absence of any fee for application whatever makes it easier for pediatricians who need to know their options to obtain a quote from PIRRGA.Membership in PIRRGA is open to individual general pediatricians and groups who practice primarily in the State of Florida. For more information on the current membership offering from PIRRGA, Florida pediatricians may call (305) 751-9195 and ask to speak to a representative about PIRRGA..
Numbers Continue To Grow For Toyota
What is one of the largest car manufacturers in the automotive world?
If you guessed the Ford Motor Company, then you are most certainly wrong. After all, we all do know that Ford is currently struggling to keep the company afloat in the automotive waters. But sure, this vehicle manufacturer can be still considered as one of the largest and one of the most influential.
But in terms of the current trend and market share, the Toyota Motor Corporation has now moved from one of the unknown brands up to becoming the second largest manufacturer of cars and vehicles in the whole world. Experts in the field are currently predicting that it would only take a short span of time for this manufacturer to actually overtake the current holder of the top spot ? General Motors.
Despite such a huge amount of success for Toyota, it seems like the company is still not contented with being second. And according to sources, the head honchos of...
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Term Life Insurance and Permanent Life Insurance
Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value. Now let's look at the pros and cons for term life insurance and permanent life insurance.
Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the end of the term. Also, the premiums increase with ages. Besides, paid-up insurance and cash value are usually not offered....
Term Life Insurance and Permanent Life Insurance
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All about Toyota Mirrors: Functions, Importance and Buying guide
Most auto parts are important in the proper operation of an automobile. Meanwhile, some play a more important role in keeping the vehicle and its occupants safe. Auto Mirrors are some of the most important safety features of any automobile. We most often associate mirrors with vanity, but in automobiles, mirrors serve primarily for safety. Mirrors serve as a second pair of eyes for the driver by giving a good view, with a slight glance of the eye, of what is happening behind the vehicle without taking his eyes of the road.
Visibility is always important and mirrors make sure that whatever is beyond the normal periphery of the driver's vision is made visible. Thus, the driver can react appropriately to whatever is happening behind him and avoid any accidents.There are two basic types of auto mirrors: the rear view...
All about Toyota Mirrors: Functions, Importance and Buying guide
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Sick of the Mall Hassle
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4) We have the best gifts at an affordable price.
So now my question to you is: Why not have the beauties of the world in your home today? Most consumers have figured out that it...
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Streaming VideoEmail and Video-on-Demand Solutions for Business and Personal Use -- Take advantage of higher click-thrus and 100% greater customer retention with our revolutionary Java-based Streaming Video products and services!
(ContentDesk) February 28, 2004--Use Genecorp Videoemail & Video-on-Demand products and servcies easily enhances your everyday emails with video, post video on your website, deploy your next video newsletter or email marketing campaign, or enhance your auto-responder system to include a Videoemail response! With Videoemail & Video-on-Demand, it's all possible, easy and affordable! Genecorp offers many video solutions at a price everyone can afford because Genecorp Videoemail is the leader in online video communications with its proven and mature streaming video solutions. Genecorp Videoemail & Video-on-Demand offers the smartest online tools for creating your own video communications, brochures, sales presentations, movie trailers, promotional offers, auto-response and lead generation forms, newsletters, contests, coupons, surveys, product samples, customer service, and so much more.
VideoemailSee how one company creates their own Videoemail messages directly from their PC with...
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Clean Plus? Auto Care: Leadership Further Established in Denmark and Sweden
PARIS, FRANCE (ContentDesk) May 02, 2006 -- Falken Industries Ltd - Clean Plus? Product Group today announced that it had reached agreement with a major retail hardware chain for the permanent listing of Clean Plus? products in Denmark and Sweden.Clean Plus? Distribution in Denmark has increased significantly, as a result of the success of the product groups Danish Super Distributor. Super Distributors are successful distributors who as a result of a Strategic Alliance Agreement, obtain an exclusivity for a given market segment and activity sector(s) in a country and who as a whole, supported by substantial marketing and sales support, are largely responsible for the unprecedented success of the Clean Plus? product lines and groups. As a result the Clean Plus? product range will be available in 35 major hardware stores in Denmark and 10 in Sweden. Helle A. Mads?, Executive Vice-President Europe stated: "Clean Plus? Auto Care and Handyman? products are already available in stores. <...
Clean Plus? Auto Care: Leadership Further Established in Denmark and Sweden
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