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Oklahoma nursing homes lose major insurance carrier
LTC Liability Monitor, July 28, 2004
The majority of Oklahoma's nursing homes will be searching for new liability insurance due to the closure of a principal carrier.
Facing a $57.9 million deficit, Hospital Casualty Co.-which insures 231 nursing homes, 63 hospitals, and 46 outpatient sites-was placed into voluntary receivership last week, the Associated Press (AP) reported.
The company, a subsidiary of the Oklahoma Hospital Association, was hurt by a growing number of nursing home claims and by competitors that lured away the carrier's best clients, State Insurance Commissioner Carroll Fisher told AP.
Existing policies will remain valid until October 1, and the company's sales representatives are working with clients to help them secure new coverage, AP reported.
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