The New Mexico Patient’s Compensation Fund (PCF) was created in 1976 by the New Mexico Medical Malpractice Act, which works to promote the availability of medical professional liability coverage for healthcare providers in New Mexico. The PCF is administered by the Superintendent of Insurance and provides an excess layer of coverage to doctors, hospitals and certain other healthcare professionals that qualify under the provisions of the Medical Malpractice Act, which include caps on awards, time limits on filing claims, and mandatory panel reviews of claims.
Most healthcare providers in the PCF meet the “financial responsibility” requirements of the Act by purchasing, from authorized insurance companies, medical malpractice policies that are written on “occurrence” policy forms at limits of $200,000 per claim. These insurance companies collect both their primary layer premium and the PCF surcharge from the healthcare provider and remit the PCF surcharge to the PCF.
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