Insurance Director Ann Womer Benjamin announced that the Ohio Department of Insurance has delivered the final report addressing the feasibility of a patient compensation fund to Governor Bob Taft, the Speaker of the House, President of the Senate, and the committee chairs hearing issues concerning medical malpractice insurance.
The study was mandated by S.B. 281 of the 124th General Assembly, which required the Department to deliver its findings by May 1, 2003. Pinnacle Actuarial Resources, Inc, a Bloomington, Illinois actuarial firm, was selected by the Department to conduct the research and develop a detailed recommendation outlining how a patient compensation fund could be put into place in Ohio. The Pinnacle study reviewed whether a patient compensation fund, similar to funds used in other states, would assist in the stabilization of the Ohio medical malpractice insurance market place.
The initial meeting of the Ohio Medical Malpractice Commission, also established in S.B. 281, will be held on Friday, May 9, 2003 at 1 p.m. at the Ohio Department of Insurance. The members of this commission will be asked to review the recommendations of the study as well as other alternatives to stabilize the Ohio market. For a complete copy of the report go to www.ohioinsurance.gov.