August 23, 2011
TMLT policyholders to save nearly $35.8 million in premium
Laura Brockway, communications and advertising manager
(512) 425-5936 or firstname.lastname@example.org
The Board of Governors of Texas Medical Liability Trust (TMLT) has approved a rate reduction for TMLT policyholders and an 18.5% dividend for renewing policyholders, effective January 1, 2012. The average rate decrease will be 6.9%, but will vary by specialty and the geographic location of medical practice. The combined rate reduction and dividend will save TMLT policyholders nearly $35.8 million in 2012 premium.
- TMLT has reduced rates for Texas physicians for nine consecutive years since the passage of medical liability reform by the Texas legislature and Governor Rick Perry in 2003. The 2012 rate reduction saves TMLT policyholders about $10.4 million.
- This is the seventh time TMLT has declared a policyholder dividend. This will amount to approximately $25.4 million in 2012 premium savings for TMLT physicians.
- Since the passage of medical liability reform, TMLT insured physicians will have saved $745.5 million in decreased premiums, once this latest round of rate cuts and dividends is implemented.
- In 2011, TMLT policyholders saw their premiums reduced 54.4% from 2003 rates. In 2012, this percentage is projected to increase to 56.7%.
Physicians interested in applying for TMLT coverage or who would like more information about how this rate decrease and dividend will benefit them can call the sales department at 800-580-8658. Current policyholders will receive detailed information from TMLT before their policy renews or they may direct questions to their underwriter.
TMLT president and chief executive officer quote
"Physicians work within an environment of decreasing reimbursements and increasing operating costs. We are hopeful that these reductions and dividends will help physicians as they help patients," says TMLT President and Chief Executive Officer Charles R. (Chip) Ott, Jr.
TMLT is the state's largest medical liability insurance provider, serving more than 15,000 Texas Medical Association (TMA) member physicians. The Trust was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin, Texas.