Oklahoma Okays Rate Increase for Med-Mal Insurer

The Oklahoma Insurance Department reported that a requested rate increase for medical professional liability insurance carrier NCMIC Insurance Company has been approved.

NCMIC applied for a rate increase in August 2004, seeking to raise its rates by 23.2 percent with an effective date of Oct. 1.

The department chose to hold an Oct. 20 public hearing to consider the proposed rate hike, after which Deputy Insurance Commissioner Daryl England announced the 23.2 percent rate increase had been approved with an effective date of Nov. 1.