Podiatry Insurance Company of America - Medical Malpractice Rate Filing
BACKGROUND Podiatry Insurance Company of America (“PICA”) is domiciled in the State of Illinois and admitted in forty-seven (47) states and the District of Columbia. The company has historically operated as a mutual insurance company. On October 28, 2008, PICA agreed to become a part of ProAssurance Corporation through an all cash, sponsored demutualization. ProAssurance Corporation is the nation’s fifth largest writer of medical professional liability insurance. The sponsored demutualization was approved by the boards of both PICA and ProAssurance. The Plan of Conversion and Stock Purchase Agreement were both approved by the Illinois Department of Insurance (PICA’s domicile regulator). All policyholders were then provided a detailed information statement concerning the proposed transaction along with a proxy statement to be used for casting their vote in favor of or in opposition to the transaction. The transaction was approved on March 31, 2009 by a vote of PICA’s policyholders, and officially closed on April 1, 2009. As a result of the sponsored demutualization, PICA has converted from a mutual company to a stock company. The company has already submitted the necessary materials for amending its certificate of authority to reflect the new company name, “Podiatry Insurance Company of America”. It is important that our policyholders receive amended policy forms that reflect (1) the new legal name of the company, and (2) its conversion from a mutual to a stock insurer. MANUAL RULE CHANGES The currently filed and approved version of the company’s manual rules reflects the old company name and therefore also requires updating. No other changes to the manual rules are proposed. 1. Company Name Change Rating Manual Supplement This supplements our currently filed and approved manual rules with the company name change.