Illinois largest medical malpractice carrier is planning to lift a four-year moratorium on new business.
ISMIE Mutual Insurance Co. announced the decision yesterday. The Chicago-based insurer is planning on adding up to 400 new physician policy holders starting April 1st.
Currently, the company provides medical malpractice coverage for over 13 thousand doctors. ISMIE says reforms passed by the General Assembly have helped lower the number of claims filed.
The new changes will include a cap on awards for pain and suffering at $500-thousand for individual physicians and $1-million for hospitals.
The reforms are in response to rising insurance premiums that prompted some doctors to leave the state or retire.