Chairman's Message
Dear Subscribers:
Thank you for your outstanding support as we, the Board of Governors, look forward to 2019 and the continuation of our mission of providing medical professional liability protection to the New York State medical education community.
As you may know, 2018 was an unusual year for the Company as the Board approved collecting an additional premium, known as an assessment, to address prior years’ financial results. The Board also approved a notice to former subscribers of their withdrawal charge obligations and authorized litigation against subscribers who left at the end of 2017 and refused to pay the amounts they owe. Recognizing the hardship that these financial issues have created, I want you to know that the Company is working diligently to minimize the negative impact of this unfortunate situation on our subscribers.
Specifically, as we enter 2019, the Board wants you to know of the significant changes underway that will serve to continue strengthening the Company while maintaining the unique personal support you deserve during the stressful claims process.
Our claims handling operations continue to demonstrate their highly effective expertise throughout the claims process. Please remember that they are ready to assist you at a moment’s notice and the legal hotline is available for more general questions.
To summarize, we enter 2019 recommitted to you and to the important mission of providing important financial protection and claims support to you, New York State’s medical educational health professionals. Restructuring and refocusing the Company is already yielding positive results and the Board is fully engaged in maintaining the oversight of your Company.
Sincerely,
Andrea T. Manyon, M.D.
Chair
Academic Health Professionals Insurance Association - A Reciprocal Insurer
Thank you for your outstanding support as we, the Board of Governors, look forward to 2019 and the continuation of our mission of providing medical professional liability protection to the New York State medical education community.
As you may know, 2018 was an unusual year for the Company as the Board approved collecting an additional premium, known as an assessment, to address prior years’ financial results. The Board also approved a notice to former subscribers of their withdrawal charge obligations and authorized litigation against subscribers who left at the end of 2017 and refused to pay the amounts they owe. Recognizing the hardship that these financial issues have created, I want you to know that the Company is working diligently to minimize the negative impact of this unfortunate situation on our subscribers.
Specifically, as we enter 2019, the Board wants you to know of the significant changes underway that will serve to continue strengthening the Company while maintaining the unique personal support you deserve during the stressful claims process.
- We have bolstered our Board of Governors with new members and added an Advisory Committee that includes practice plan leaders and insurance industry expertise.
- We have replaced our CEO with a new Chief Restructuring Officer with over 35 years of insurance industry experience to lead the restructuring of the Company.
- Some of the restructuring underway includes: more communication with practice plan leadership, more engagement with/by the Board of Governors, more urgency on the need to significantly reduce operating expenses, more emphasis on assisting in Practice Quality Risk Management initiatives.
Our claims handling operations continue to demonstrate their highly effective expertise throughout the claims process. Please remember that they are ready to assist you at a moment’s notice and the legal hotline is available for more general questions.
To summarize, we enter 2019 recommitted to you and to the important mission of providing important financial protection and claims support to you, New York State’s medical educational health professionals. Restructuring and refocusing the Company is already yielding positive results and the Board is fully engaged in maintaining the oversight of your Company.
Sincerely,
Andrea T. Manyon, M.D.
Chair
Academic Health Professionals Insurance Association - A Reciprocal Insurer
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