The History

In response to a nation-wide withdrawal of commercial medical liability insurers in 1978, the Utah State Medical Association leadership provided the structure and auspices leading to the formation of a reciprocal insurance exchange for its members under the laws of the State of Utah. Formation of the Exchange enabled physicians to provide a source of stable, physician directed liability coverage sensitive to the needs of its members. The Utah Medical Insurance Association (UMIA) legally began operations in December, 1978 with about 800 Utah physicians participating through payment of a subordinated loan and occurrence premiums. The Exchange is operated by USMA-IMC, an insurance management company directed by a CEO and a physician Board of Directors. The insured physicians of UMIA provide oversight and direction through the UMIA Board of Governors, physicians elected by the policy holders (exchange members). The UMA Board of Trustees provides oversight and approval of the USMA-IMC Board of Directors.

Through the never-ending up and down cycles of the insurance industry, UMIA has grown to over 3500 physicians currently practicing in Utah, Montana, Wyoming, and Idaho. As of January, 2006, the number of insured physicians is 2,355 in Utah, 810 in Montana, 321 in Wyoming, and 61 in Idaho. In 1985 the Company converted all policies from occurrence to claims-made. Recently UMIA added additional policy enhancements to meet the needs of the current practice environment. These additions include Medical Defense, Employment Practices Liability, and a $5,000 No Fault Benefit.