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Med Mal News
New Jersey Offers Plan to Restabilize Insurer
New Jersey's largest medical malpractice insurer, MIIX Insurance Co., is trying to stave off bankruptcy under a plan recently filed by State Banking and Insurance Commissioner Holly Bakke. Under the plan, lawsuits against MIIX insureds that have not yet gone to trial — along with any settlement conferences, arbitrations or mediations — would be stayed until September.
Bakke was appointed rehabilitator in September 2004 to help the state try to restore MIIX to solvent runoff condition. To avert liquidation, New Jersey wants to settle several of the roughly 2,600 claims outstanding against MIIX insureds. The state plans to choose 700 to 900 claims that the company would in all likelihood be found liable for, and offer settlements to those claimants. The maximum offers would be relatively low, with settlement offers for the most severe injuries being capped at $1 million. The amounts offered would not be negotiable. In addition, payments on these proposed settlements would be made only if enough of the offerees accepted to make the plan worthwhile to the state. MIIX stopped writing new policies in May 2002.
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