MILMIC Payout Update

Medical Liability Mutual Insurance Company Payout for Eligible Policyholders.

Berkshire Hathaway’s ongoing purchase of the Medical Liability Mutual Insurance Company (aka “MLMIC”) has created a potential cash payout to healthcare professionals who were MLMIC policyholders for any time during the period July 15, 2013 through July 14, 2016. Generally, healthcare professionals covered through MLMIC are on record as the eligible policyholders, and entitled to receive a share of the proceeds of the $2.502 Billion purchase price.  MLMIC has estimated the payout to be approximately 1.9 times the amount of premiums paid during this period.

However, MLMIC has provided consent forms for individual policyholders to designate their policy administrator or employer to receive the payout, and administrators or employers who claim entitlement to the proceeds may file an objection to payment to the policyholder if the policyholder does not sign the consent.  In that case, the proceeds will be paid into escrow pending resolution of the dispute.

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.  You will not be charged for an initial telephone or in-person consultation.  In the event you decide to engage us, we offer our services on a contingency basis, under which we will be paid only in the event you receive sale proceeds.

Please contact Justin A. Heller, Esq. at jheller@nolanandheller.com or Alexandra B. Becker, Esq. at abecker@nolanandheller.com, or call us at (518) 449-3300

Nolan & Heller, LLP is a preeminent, award winning business law firm with offices in Albany and Syracuse, New York, and serving clients throughout New York State.

 

 

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