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New Jersey Malpractice Insurer Takes Pause in Issuing New Policies.
Knight Ridder/Tribune Business News, July, 2003
By Lindy Washburn, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jul. 23--The state's largest provider of medical malpractice insurance says it will temporarily cease issuing new policies on Aug. 21 because it can't buy the insurance it needs to cover high payouts for malpractice claims.
The decision Tuesday by Princeton Insurance Co. prompted Holly Bakke, state commissioner of banking and insurance, to call a hearing -- the first step in possible reactivation of the state reinsurance pool for medical malpractice companies. The state, essentially, would insure the insurers.
The move could improve the availability of medical malpractice insurance in the state, by guaranteeing insurers that they could buy reinsurance,...
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