Practice Area: Business
Outcome: Successfully formed the company, which operated in 22 states, and provided lower cost insurance to our physician insureds and their staff.
Description: I have formed many LLCs, Corporations and other business entities, but one of the most interesting was the formation of an insurance company (risk retention group formed under the federal risk liability retention act). The opportunity came about becuase a number of physicians who did clinical trials for FDA approval of new drugs were unhappy that they had to pay the same (high) insurance premiums as physicians in ordinary private practice, when, they believed, the risk of patient harm in clinical trials was less than than in usual private practice. I worked as lead counsel on behalf of this physician owned group and provided day-to-day leadership to high performing teams comprised of actuaries, underwriters, domicile managers, attorneys, auditors, reinsurance intermediaries, investors, and claims administrators. Company was approved to operate in 22 states. Major projects included: evaluating the risk environment surrounding clinical trials; persuading state insurance regulators of the risk management suitability for a new insurance company; and successfully applying for state DOI regulatory approval. Successfully co-presented in London to Lloyd's syndicates for reinsurance and achieved DOI approval to issue insurance. Company and product reviewed in Journal of Clinical Research Best Practices, (1/06); Risk Retention Reporter, (12/05); and Crittenden’s Medical Insurance News, (1/2/06).