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Simed deficiencies prompt cancellation
Instability of Medical Malpractice Syndicate blamed for Corp. Insular de Seguros cancelling insurance
Corporacion Insular de Seguros (CIS) announced last week that all malpractice insurance policies in Puerto Rico would be canceled as of June 30. The decision affects more than 3,000 policyholders, according to CIS officials.
However, the reasons cited publicly for the decision -- problems in the healthcare and legal industries -- were only secondary causes for the withdrawal, according to documents acquired by CARIBBEAN BUSINESS.
The primary reason for the decision is the questionable financial stability …