RULING COULD PUT MONEY BACK IN DOCTORS’ POCKETS
Florida doctors who had medical malpractice coverage with the former Caduceus Self Insurance Fund Inc. could potentially see reimbursements for assessments they paid to bail out the financially impaired company after a jury found the defunct company is owed nearly $18 million from a company that assumed some of the business.
Caduceus, a Florida-domiciled medical malpractice insurer, was ordered into state receivership in January 2000. Prior to being placed into receivership, Caduceus entered a contract with The Doctor’s Company (TDC) to be paid for policyholders who switched to TDC. A jury found TDC owes Caduceus $17.9 million under that contract. TDC has appealed the decision.
“We take our job very seriously to recover every asset that can go toward making affected Floridians whole,” said Tom Gallagher, Florida’s chief financial officer. Gallagher oversees the Department of Financial Services, which includes the Division of Rehabilitation and Liquidation. The judgment is one of the largest ever for a company in rehabilitation or liquidation with the department.|
Caduceus’ policyholders were assessed fees to make up Caduceus’ shortfall. The judgment would first be used to pay any claims against physicians who were former members and pay off creditors. Gallagher said any remaining funds will be used to reimburse physicians’ assessments.
ORLANDO AGENT ARRESTED AGAIN FOR STEALING PREMIUMS
The most recent charges accuse Scott Wiggins, 42, who operated SRW Insurance Services out of his home, of pocketing approximately $100,000 in premiums from at least 10 victims, said detectives with the Department of Financial Services, Division of Insurance Fraud. Wiggins allegedly never placed the coverage and issued forged certificates of coverage to cover his tracks. Detectives suspect there are more victims.
Anyone who purchased insurance from Wiggins in 2004 or 2005 should contact the insurance company to verify coverage or call the Department’s Consumer Services Hotline at 1-800-342-2762.
The Department of Financial Services, Division of Insurance Fraud, investigates fraud in all types of insurance, including health, life, auto, property and workers’ compensation. To report information about this case or any other possible insurance fraud case, call the department’s fraud hotline at 1-800-378-0445. A reward of up to $25,000 may be offered for information leading to an arrest and conviction.
GALLAGHER: $32 MILLION IN HOMELAND SECURITY FUNDS HAVE BETTER PREPARED FLORIDA FOR DISASTERS, INCLUDING TERRORIST ATTACKS