Video Duration: 02:36

 

Medical Inter-Insurance Exchange (MIIX) was the largest medical malpractice insurer in the state of New Jersey, and the 8th largest medical malpractice insurer in the USA in 2002. On August 31, 2002, less than one year after declaring its seventh straight Quarterly dividend to its stockholder’s, MIIX was ordered to stop issuing policies. 

On September 1, 2003, one day after MIIX stopped issuing policies, MIIX Advantage (currently MD Advantage) was licensed by the state of New Jersey with 8 of the 14 board members of MIIX. MIIX Advantage eventually changed its name to its current name MD Advantage in 2004.

 
On April 9, 2008 the Superior Court Judge Schuster agreed with the conclusions of the Department of Banking and Insurance and declared MIIX “insolvent” leaving hundreds of physicians protected only up to $300,000 offered by the state of New Jersey’s Property Guarantee Liability Insurance Guarantee Association (PLIGA).  Any verdicts or settlements made that exceed $300,000 will be liabilities that must be satisfied personally by physicians if they were insured with MIIX at the time of the act of alleged malpractice.

 
New Jersey does not have a “homestead exemption” with regards to medical malpractice verdicts, so physicians could face losing their homes as a result of a malpractice claim while they were insured with MIIX.

 
This video series shows that the warning signs for physicians could have been readily discovered if they had conducted several easy tests on MIIX for the years leading up to their doors being closed.