Based on the actuarial report of the Patient Compensation Fund, under New Mexico Medical Malpractice act, the PCF fund balance is currently $36.573M, shie of the $73.3M to be actuarially sound. The decrease is primarily due to several large batched settlement cases, with multiple occurrences.
The Superintendent of Insurance has issued a bulletin, raising the PCF contribution 8.7% October 1, 2016 and 8.7% October 1, 2017. This is a blended rate (primary carrier and PCF) of approximately 3% or $300 on primary care physician. This is the 4th increase since 1992. The Superintendent notice follows:
As a provider of primary medical professional liability coverage for providers that are in the New Mexico Patient’s Compensation Fund (PCF), we wish to alert you to Insurance Bulletin 2016-008 which was issued on March 30, 2016 and which provides surcharge increases that will become effective October 1, 2016 and October 1, 2017. The Bulletin can be viewed at
https://www.osi.state.nm.us/InsuranceBulletins/docs/Bulletin2016-008.pdf