As you may know, an affiliate of Berkshire Hathaway has entered into an agreement to purchase the Medical Liability Mutual Insurance Company, New York’s largest medical liability insurance provider (the “Transaction”) for $2.502 Billion Dollars. If you were insured through MLMIC at any time during the period July 15, 2013 through July 14, 2016, then please keep reading. If you were not insured through MLMIC during that period, then this notice does not apply to you.
MLMIC plans to make payment of the Transaction proceeds to the individual policyholder (i.e. the physician) unless such policyholder executes a designation now for his employer (who may have paid the premiums) to receive the proceeds instead. There is also a mechanism for employers to object to the payment to the individual policyholder and require the proceeds to be paid into escrow instead pending resolution.
Our office is prepared to assist medical doctors and dentists with respect to the filings, as well as the negotiation of the execution of designations by current and/or former employee-providers. Attached is information about our services.