MIEC Policy Renewals
Last updated: December 6, 2023
The last few years have been full of changes and uncertainties regarding healthcare delivery, patient conditions and economic pressures. After over 40 years in business, MIEC is adept at navigating these challenges, but we are not immune to these external factors and their effect on our operations.
- Inflation has impacted the cost of claims including defense expenses and economic damage costs.
- Changing financial market results and increased interest rates have amplified pressure on maintaining positive underwriting results.
- Claim severity, while different in every jurisdiction, has continued to drive up judgments and settlements.
- Changes in tort reform and other legislative actions have caused uncertainty in what potential ultimate liability will be for our members practicing in those jurisdictions
- Cyber-related losses across the healthcare industry have increased, particularly related to cyber
extortion and ransomware claims
Our commitment to our members is to provide superior medical professional liability coverage at adequate and stable rates. Our base rate for physicians in California, Idaho, and Alaska remain unchanged for 2024. Our base rates in Hawaii have increased.
For details on the rate increases and the factors involved in calculating those rates, along with other FAQs, please contact our Member Services Team at service@miec.com, or 800.227.4527
Rates & FAQs
Alaska
Rates:
- Effective January 1, 2024, MIEC’s Acupuncture base rates remain unchanged.
Q: Why are base rates not changing?
A: MIEC insures approximately 70% of the physicians in private practice and has considerable data to work from. Results in Alaska have been fair to good recently and there was no indication from our analysis that a change needed to be made at this time. We are facing some headwinds in regard to inflation and law changes in Alaska that could present some challenges and force changes in the future.
Q: Why are you now charging for shared entity limits?
A: In the past, there had not been a charge since there was no additional limit exposed, however, the professional and vicarious liability exposure for the entity has always been there and warrant a premium. As mentioned in previous years, the claims experience for entity liability continues to worsen with resulting loss ratios well in excess of breakeven. This also helps to keep individual physician base rate increases lower by collecting premiums where the exposure actually is.
Q: Why are you now charging for Premises Liability Coverage?
A: In the past, there had not been a charge for this coverage even though there was actual risk exposure and considerable limits exposed. After a review with our actuary consulting firm, and a review by the Board of Governors, MIEC decided to implement a small premium charge for this coverage since company assets continue to be exposed to potential loss.
California
Rates:
- Effective January 1, 2024, MIEC’s Acupuncture base rates remain unchanged.
Q: Why are base rates not changing?
A: MIEC works with a large actuary consulting firm to analyze our data. Results in California have been fair recently and there was no indication from our analysis that a change needed to be made at this time. We are facing some headwinds in regards to inflation and law changes in California that could present some challenges and force changes in the future.
Q: Why are you now charging for Premises Liability Coverage?
A: In the past, there had not been a charge for this coverage even though there was actual risk exposure and considerable limits exposed. After a review with our actuary consulting firm, and review by the Board of Governors, MIEC decided to implement a small premium charge for this coverage since company assets continue to be exposed to potential loss.
Hawaii
Effective: January 1, 2024
Q: Why are base rates increasing by approximately 15%?
A: MIEC insures approximately 70% of the physicians in private practice and has considerable data to work from. Results in Hawaii have been good over the past decade (resulting in several years of lower rates) and rates steadily decreased through 2020. Unfortunately, results have deteriorated significantly over the past 3-4 years and we will be raising base rates ($1m/$3m limits) by 15%. Actuarial indications suggest we should raise rates by more than this, but MIEC will deploy its capital to smooth out rates where it can.
Q: Why are you now charging for shared entity limits?
A: In the past, there had not been a charge since there was no additional limit exposed, however, the professional and vicarious liability exposure for the entity has always been there and warrant a premium. As mentioned in
previous years, the claims experience for entity liability continues to worsen with resulting loss ratios well in excess of breakeven. This also helps to keep individual physician base rate increases lower by collecting premium where the exposure actually is.
Q: Why is MIEC implementing a claims experience credit?
A: While the overall claims experience in the state has been deteriorating, MIEC wants to recognize the good claims experience of its individual members. This is the first time in the company history of doing business in
Hawaii that there has been a documented method for rewarding such experience. The credit ranges from 5% to 15%.
Q: How do I qualify for a claims experience credit?
A: We will automatically apply the credit to eligible members. Higher credits are granted to members insured longer with lower loss ratios.
Q: Why are you now charging for Premises Liability Coverage?
A: In the past, there had not been a charge for this coverage even though there was actual risk exposure and considerable limits exposed. After a review with our actuary consulting firm, and review by the Board of Governors,
MIEC decided to implement a small premium charge for this coverage since company assets continue to be exposed to potential loss.
Idaho
Rates:
- Effective January 1, 2024, MIEC’s base rates in Idaho remain unchanged.
Q: Why are base rates not changing?
A: MIEC works with a large actuary consulting firm to analyze our data. Results in California have been fair recently and there was no indication from our analysis that a change needed to be made at this time. We are facing some headwinds in regards to inflation and law changes in California that could present some challenges and force changes in the future.
Q: Why are you now charging for Premises Liability Coverage?
A: In the past, there had not been a charge for this coverage even though there was actual risk exposure and considerable limits exposed. After a review with our actuary consulting firm, and review by the Board of Governors, MIEC decided to implement a small premium charge for this coverage since company assets continue to be exposed to potential loss.
Acupuncture
Rates:
- Effective January 1, 2024, MIEC’s Acupuncture base rates remain unchanged.
Q: Why are base rates not changing?
A: MIEC works with a large actuary consulting firm to analyze our data. Results in California have been fair recently and there was no indication from our analysis that a change needed to be made at this time. We are facing some headwinds in regards to inflation and law changes in California that could present some challenges and force changes in the future.
Q: Why are you now charging for Premises Liability Coverage?
A: In the past, there had not been a charge for this coverage even though there was actual risk exposure and considerable limits exposed. After a review with our actuary consulting firm, and review by the Board of Governors, MIEC decided to implement a small premium charge for this coverage since company assets continue to be exposed to potential loss.
Renewal Reminders
PRACTICE CHANGES: If your practice has changed in a material way, please contact your underwriter or email us at underwriting@miec.com. Please be sure to include your policy number with your email.
Payment Options:
- Pay your premium by Check, Automatic Direct Debit, or Credit Card. AutoPay option is available for all payment plans. AutoPay can be set up, along with credit card payments accepted, online.
- Available payment plans are
- Annual
- Semi-annual (60%/40%)
- Quarterly (4 installments of 25%)
- 10 Pay (10 installments of 10%) AutoPay required
Documents:
- All documents including the invoice, policy, and certificates of insurance are available online.
- If you prefer to receive documents in the mail, you can update your preferences in the following ways:
- Online
- Emailing us at service@miec.com
- Calling us at 800.227.4527
NOTICE: If your premium payment is not received on or before the renewal date, your policy will lapse for non-payment. Each subsequent installment payment must be paid by the scheduled due date(s) to avoid a lapse in coverage.