The Illinois Division of Insurance has ordered ISMIE Mutual Insurance Co. to keep their malpractice insurance rates flat next year. Rates have risen sharply in recent years. In addition, ISMIE is to give more money back to doctors through dividends and education programs and to provide more information about how it devises its rates. The state's muscle flex comes after regulators held public hearings and pored over mountains of paperwork to see if ISMIE could justify the rates it charges thousands of Illinois doctors.
"The order sets unwise precedent by allowing state regulators to intrude in a company's day-to-day operational policies, separate and distinct from premium rates," ISMIE Chairman Harold Jensen said.
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