Some good news in the Mountain State:
The West Virginia Mutual Insurance Company has been granted a 5 percent rate increase according to Insurance Commissioner Jane L. Cline. The new rates take effect Jan. 1, 2006.
West Virginia Mutual filed for the rate decrease with the Offices of the Insurance Commissioner in August. The decrease was granted Oct. 24, 2005.
“This rate decrease is evidence that we are achieving our goal of having an available, affordable and stable medical liability insurance climate in West Virginia,” said Governor Joe Manchin III.
West Virginia Mutual was created in July 2004 to address the medical malpractice crisis. Currently, there are 1,647 physicians insured by the Mutual.
“This is not only good news for physicians insured by the Mutual, it is another major step forward toward stabilizing the health care delivery system in our state,” said Dr. Robert Ghiz, chairman of West Virginia Physicians’ Mutual Insurance Company board of directors.
The combination of the nonprofit and a decrease in malpractice suits since legislation was changed seems to be having an effect.