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...jury awards climbed, the company found in 2000 that it paid out $1.80 in defense costs for every $1 collected in premiums. The company lost nearly $1 billion in its medical coverage alone in 2001. "We just couldn't continue writing coverage with those kinds of losses," said spokeswoman Andrea Woods. "And looking ahead, the trend in jury awards was just going to continue to rise. We couldn't stay on for the ride and just hope that things would turn around." In December, St. Paul pulled out of the malpractice market completely, leaving doctors scrambling...
...Several insurers in Las Vegas, including American Physicians Assurance Corp., offer a 25% discount to doctors who deliver fewer than 125 babies a year--half the number most local physicians deliver. Last month Nevada insurance commissioner Alice Molasky-Arman opened an inquiry into such pricing. Sheila Wright, a spokeswoman for American Physicians Assurance, said, "We don't have a choice. We are concerned about patients, but our rates reflect the risks that we take...
...illegal gains of securities-law violators. From 1995 to 2001, the SEC recouped just $424 million, or 13.6% of the $3.1 billion owed in these cases, and for the last year its record dropped to 11.5%. The reason the SEC can't collect the cash? "Crooks spend it," says spokeswoman Christi Harlan. The good news is that under legislation passed in July, misled investors can also get civil penalties that once went into federal coffers. Of the $46.9 million ordered paid in civil penalties in the past year, nearly $45 million has been recovered...
...home state of South Dakota, the Senate race has become a proxy war between the majority leader and President Bush. The prescription- drug issue "is going to play very badly" for Democratic incumbent Tim Johnson in his bid to defend his seat from House Republican John Thune, says Thune spokeswoman Christine Iverson. That may be why Daschle had Johnson give last Saturday's weekly Democratic radio address. Johnson used it to blame defeat of the Senate bill on the Republicans and contended the House plan "would do absolutely nothing to reduce the cost of prescriptions...
Tauzin now views the June 12 letter as an attempt to mislead the committee. "They tried to sandbag us," says Johnson. Stewart spokeswoman Allyn Magrino refused to comment on a possible Capitol Hill appearance. If Stewart comes in for a Tauzin meeting, it will be a return engagement. In 2000, he appeared on her show to promote his Cajun cookbook, Cook 'N Tell. This time he wants to swap more than recipes...