Medical Malpractice Assessment on Surplus Lines Insurance
JUA transitions to SC Medical Malpractice Association
All licensed surplus lines brokers should have received a notice from the Department of Insurance regarding this update.
As part of the transition from the Medical Malpractice JUA to the new SC Medical Malpractice Association (effective January 1, 2020), a new policy assessment will apply to all medical malpractice insurance policies.
For surplus lines policies, the assessment must be made by the surplus lines broker and remitted to the Department of Insurance when the surplus lines tax is remitted.
For 2020, the policy assessment is 6 percent of the policy premium. This assessment is in addition to the 6 percent tax that also applies.
This new assessment only applies to medical malpractice and healthcare liability insurance policies.
Policy Premium: $1,000
Surplus Lines tax (6%): $60Med Mal assessment (6%): $60
TOTAL PAID: $1,120