The Office of General Counsel issued the following informal opinion on April 5, 2001, representing the position of the New York State Insurance Department.
Re: Medical Malpractice Insurance Rates
Question Presented:
Does the New York State Insurance Department set the rates for medical malpractice insurance on an annual basis?
Conclusion:
Yes, the New York State Insurance Department sets the rates for medical malpractice insurance on an annual basis by promulgating regulatory amendments to N.Y. Comp. Codes R. & Regs. tit. 11, Part 70 (Reg. 101), pursuant to the authority granted the Superintendent of Insurance by Sections 201, 301, 1113(a)(13) and (14), 3426, 3436, 5504, 5907, 6302, 6303, and Article 23 of the Insurance Law, Part JJ of Chapter 407 of the Laws of 1999 and Chapter 47 of the Laws of 2000.
Analysis:
The most current provisions regarding medical malpractice insurance rates are contained in the Twenty-Seventh Amendment to Regulation No. 101 that is in force as an emergency regulation, as noted at the Departments web site, and which the Department expects to be made permanent in the near future.
For further information you may contact Attorney Sally Geisel at the New York City Office.