Important MLMIC Update: Policyholders Approve Sale
Under the proposed sale of the Medical Liability Mutual Insurance Company (“MLMIC”) to Berkshire Hathaway, MLMIC policyholders for any time during the period July 15, 2013 through July 14, 2016 are eligible to receive a cash payout, estimated to be approximately 1.9 times the amount of premiums paid during this period.
On September 6, 2018, the New York State Department of Financial Services issued its Decision approving the MLMIC sale. At a special meeting of policyholders on September 14, 2018, the policyholders voted overwhelmingly in favor of the sale (6,635 out of 6,979 votes).
The approval of the sale by both the State and the policyholders clears the way for completion of the sale, and the closing is expected to occur on or about October 1, 2018.
Nolan & Heller, LLP has been retained by healthcare professionals to assist them in protecting their rights where their employers (or former employers) have objected, or may object, to payment of MLMIC sale proceeds directly to the policyholder. If you are a healthcare professional covered through MLMIC during the applicable period, and have concerns over your right to receive sale proceeds and/or your employer’s or former employer’s possible claim to the payment, please feel free to contact us to discuss your rights and how we may be of assistance to you. Please contact Justin A. Heller, Esq. at email@example.com or Alexandra B. Becker, Esq. at firstname.lastname@example.org, or call us at (518) 449-3300
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