Medical Liability Association of Nevada, the organization created to meet the state's malpractice insurance crisis in 2002, intends to convert into a domestic reciprocal insurer by the end of this year.
State Insurance Commissioner Alice A. Molasky-Arman said the insurer would be named Independent Nevada Doctors Insurance Exchange. It would inherit the assets and liabilities of Medical Liability Association of Nevada.
As of June 2, the organization insured 867 physicians in Nevada.
Independent Nevada Doctors Insurance Exchange would be owned and governed by its insured physicians hence its status as a domestic reciprocal insurer and wouldn't require capital contributions from the member physicians. Its management team would remain intact.
In addition to Medical Liability Association, 17 entities including traditional insurers, surplus lines carriers, risk retention groups and captive insurers currently write medical malpractice insurance in the state.
