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Re: FRI: Another frivolous lawsuit!From: Marilyn Ringstaff (marilyn.ringstaff@OBGYN.NET)Thu Jul 17 12:04:51 2003
<<I'm confident that caps are not going to be the only solution to our crisis,>> you think maybe regulation of the insurance industry might be in order? WEISS RATINGS: INSURERS UP CLAIM RESERVES BY $22 BILLION To potentially explain why premiums are increasing, Palm Beach Gardens-based Weiss Ratings said the nation's property and casualty insurers increased reserves for prior-year paid and unpaid claims by $22.1 billion in 2002, on top of an $11.7 billion increase in 2001. The financial ratings and analysis firm said the increase, which it described as the largest reserve adjustment by property and casualty insurers since Weiss Ratings began analyzing the industry, reflects the companies' failure to adequately estimate losses. South Florida Business Journal, 07/01/2003 # # # # # # # # # # # # # # # # # # # # LAWSUIT ALLEGES MISDEALINGS BY MALPRACTICE GIANT A handful of executives at what was then the nation's biggest medical malpractice insurer reaped more than $45 million in bonuses, salaries and stock options from a business strategy that cost more than 40,000 U.S. doctors their coverage, a recently unsealed West Virginia lawsuit alleges. The would-be class action filed in Kanawha County Circuit Court against the insurer, St. Paul, links a series of dealings by its top executives to its 2001 decision to abandon the doctors it insured, including more than 1,000 in West Virginia. Wheeling News Register, 07/08/2003
-- Marilyn Ringstaff, CNM
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