The UMIA Board of Directors voted on rate changes at the August board meeting. The Board decided not to increase rates for insured physicians in Montana, Wyoming, and Idaho. During the Utah Rate Level Review, however, Jim Hurley of Towers Perrin, the actuarial firm for UMIA, noted an abnormally high payout pattern for the 2005 report year. The payout patterns in all other states in which UMIA writes business are following typical development. Mr. Hurley indicated that this payout pattern may be the sign of another high, atypical loss year for Utah physicians similar to the one experienced in 2000, the largest loss year for the state of Utah in UMIA history. Mr. Hurley acknowledged that the Utah development may simply be a change in the payout pattern and may not represent another high loss year; however, it is difficult to know exactly what is happening for a particular loss year until years after the fact.

As a result of this data, the Chairman of the Board, Dr. Ron Miller, reported that the Board voted to increase rates 4.1% in Utah. Dr. Miller stated that overall, UMIA has kept rates as low as possible while still keeping the Association financially healthy by maintaining adequate reserves and surplus. Maintaining adequate rates to cover losses is the number one priority of the Board. This minimal increase provides the Board with additional flexibility and protects against a double digit increase in 2009.

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On May 1, 2008, the Utah Medical Insurance Association released UMIA Online Education, the online risk management CME seminar program that allows you to earn CME credit and qualify for a risk management discount from the comfort of your own home. To earn CME online through UMIA Online Education, simply visit www.umiaonlineeducation.com and login as a new user. You will need your policy number and a valid email addres to login and participate.

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