Washington’s Physicians Insurance Responds to Commissioner’s Consent Order

Seattle-based Physicians Insurance A Mutual Company, an insurer that provides coverage to physicians and other health care providers, acknowledged the regulatory actions taken by Washington’s Office of the Insurance Commissioner and expressed its commitment to improving its compliance with Washington state insurance laws.

“We strive to be as accurate as humanly possible,” says Mary-Lou Misrahy, president and CEO of Physicians Insurance. “We appreciate the Office of the Insurance Commissioner’s efforts to work with us and are committed to putting the recommended procedures in place to make sure we achieve 100 percent adherence to the filing requirements.

“Our internal review showed our pricing to be very competitive given the insurance marketplace and the rates in question were ultimately approved,” Misrahy said. “And it should also be noted that the rate filing inaccuracies represent less than 2 percent of all the premiums charged to those insured by the company. For that we are most gratified.

“At the end of the day we have always charged no more and no less than what our underwriting called for and what the company needs on hand to maintain its strength in the professional liability insurance marketplace,” Misrahy said. “We are justifiably proud of our company and its record of serving the physician and dental communities in Washington over the years.”

Physicians Insurance A Mutual Company, was founded in 1982. Today, the company insures more than 5,500 physicians. Additionally, in 1989, Physicians Insurance formed Northwest Dentists Insurance Company (NORDIC), a wholly-owned subsidiary of the company. NORDIC insures more than 2,200 dentists.

Topics Washington