Kansas regulator assumes control of medical insurance company

A Shawnee County judge granted the Kansas insurance commissioner authority to take supervisory control of a company providing malpractice insurance to nearly 500 medical professionals working in Missouri and Kansas.

Most of the people served by Physicians Standard Insurance Company worked out of Missouri, but the company was based in Kansas.

Vicki Schmidt, the Kansas insurance commissioner, said Tuesday a primary responsibility of the Kansas Department of Insurance was to protect consumers with oversight capable of helping companies remain financially solvent and capable of paying claims.

“The department determined PSIC’s financial condition had deteriorated to the point it was necessary to take the extraordinary step of obtaining a court order to give the department the authority needed to protect the consumers and policy holders of PSIC,” she said.

Read more: https://www.cjonline.com/news/20190828/kansas-regulator-assumes-control-of-medical-insurance-company
(Topeka Capital-Journal)