All of the insurance products provided to Mississippi nursing home owners by the MHCISC are also owned by Mississippi nursing home owners. The basic theme directing the operations of each is "sound conservative management" which includes among other things, the use of good common sense! All of our insurance programs fall under the regulation of one or more governmental bodies, be it the Department of Insurance, Department of Labor, the Workers Compensation Commission or a combination thereof.
These regulatory bodies prescribe minimum standards for authority to operate our insurance plans. Among these standards are minimum financial strength, minimum reinsurance (insurance on an insurance plan or company) and a management staff, including Directors, of unquestionable character. You can be proud of those persons at the helm of your plans and the dedication to service which they embody.
We are proud to report that all of our Plans are in excellent financial condition. This is illustrated by their respective independent certified financial audits which show all to be properly funded, solvent and forecasted to "do well going forward."
These regulatory bodies prescribe minimum standards for authority to operate our insurance plans. Among these standards are minimum financial strength, minimum reinsurance (insurance on an insurance plan or company) and a management staff, including Directors, of unquestionable character. You can be proud of those persons at the helm of your plans and the dedication to service which they embody.
We are proud to report that all of our Plans are in excellent financial condition. This is illustrated by their respective independent certified financial audits which show all to be properly funded, solvent and forecasted to "do well going forward."
Services
Through the period of 1950-1990, Mississippi nursing homes were repeatedly "shunned" by traditional workers compensation insurance companies.
These companies considered our industry to be "too high risk" to insure.
In 1990, we took matters into our own hands!
The MHCA SIF was created by Mississippi nursing home owners, for nursing home owners and since then, we have never looked back!
The Fund began operation on 10/01/90, with only 17 participants and $300,000 in premiums.
It immediately began to address issues related to the safety and protection of our employees.
These companies considered our industry to be "too high risk" to insure.
In 1990, we took matters into our own hands!
The MHCA SIF was created by Mississippi nursing home owners, for nursing home owners and since then, we have never looked back!
The Fund began operation on 10/01/90, with only 17 participants and $300,000 in premiums.
It immediately began to address issues related to the safety and protection of our employees.
No one would question that the quality of care given to our residents is greatly affected by the dedication and experience level of our employees.
We would also agree that it is difficult to hold on to good employees even after we have spent large sums of money to train them.
The retention of good employees was one of the main objectives in creating the MHCA Employee Benefit Plan.
One of the first questions prospective employees ask today is, "Do you provide medical insurance?"
The second is usually, "How much of the employee portion of the premium do you pay?"
We would also agree that it is difficult to hold on to good employees even after we have spent large sums of money to train them.
The retention of good employees was one of the main objectives in creating the MHCA Employee Benefit Plan.
One of the first questions prospective employees ask today is, "Do you provide medical insurance?"
The second is usually, "How much of the employee portion of the premium do you pay?"
Caregivers United Liability Insurance Company, RRG (CULIC) was created as a response to the absence of Professional & General Liability Insurance for long term care facilities in Mississippi.
The withdrawal of companies from the nursing home liability insurance market resulted in the total absence of "admitted carriers" and the few remaining "surplus lines carriers" were using pricing models which for practical purposes ruled out the possibility of purchasing coverage.
Is to provide a stable and reliable source of liability coverage for professionally operated facilities which meet all of the professional standards, safety codes, and requirements applicable.
The withdrawal of companies from the nursing home liability insurance market resulted in the total absence of "admitted carriers" and the few remaining "surplus lines carriers" were using pricing models which for practical purposes ruled out the possibility of purchasing coverage.
Is to provide a stable and reliable source of liability coverage for professionally operated facilities which meet all of the professional standards, safety codes, and requirements applicable.
Long Term Care Employers Insurance Company (LTCEIC) was assembled, filed, and approved in 2005 as a Special Purpose Captive insurance company.
It is approved to write "complementary" coverages for other plans we offer.
LTCEIC acts as a risk sharing partner and provides needed excess or stop loss coverage for other plans such as CULIC and MHCA SIF, our workers compensation self insurers fund.
LTCEIC has proven invaluable as a supplier of small layers of stop loss coverage for several of our other primary "risk taking" entities.
It is approved to write "complementary" coverages for other plans we offer.
LTCEIC acts as a risk sharing partner and provides needed excess or stop loss coverage for other plans such as CULIC and MHCA SIF, our workers compensation self insurers fund.
LTCEIC has proven invaluable as a supplier of small layers of stop loss coverage for several of our other primary "risk taking" entities.
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