STATEMENT FROM LRANY EXECUTIVE DIRECTOR ON THE REPORTED FINANCIAL INSTABILITY OF NEW YORK’S SECOND LARGEST MEDICAL LIABILITY INSURER

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December 19, 2016
FOR IMMEDIATE RELEASE
Contact: Phoebe Stonbely
pstonbely@lrany.org
518-512-5265

STATEMENT FROM LRANY EXECUTIVE DIRECTOR ON THE REPORTED FINANCIAL INSTABILITY OF NEW YORK’S SECOND LARGEST MEDICAL LIABILITY INSURER

ALBANY – Tom Stebbins, Executive Director of the Lawsuit Reform Alliance of New York issued the following statement in response to the reported financial instability of New York’s second largest medical liability insurer, Physicians Reciprocal Insurance (PRI):

“The ongoing losses at one of New York’s largest medical insurers should be a wake-up call for Governor Cuomo and the legislature. For too long, Albany has let profiteering trial lawyers control New York’s medical liability system – ensuring big payouts, low standards of evidence, and little protection for doctors and hospitals. Rather than fix it, Albany has subsidized the system with hundreds of millions in taxpayer money.

Governor Cuomo himself has called the trial lawyers ‘the single most powerful political force in Albany.’ Until the Governor takes a stand against this imbalance of power, insurers will continue to fail, doctors will continue to flee New York, and New Yorkers will continue to shell out more for medical liability payouts than the entire Midwest combined.”

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The Lawsuit Reform Alliance of New York (LRANY) is a nonpartisan not-for-profit association of businesses, professionals, healthcare providers, membership organizations, taxpayers, and concerned citizens committed to changing New York’s legal system to help create jobs and energize our economy.

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