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Competition lacking
RICHMOND — The State Corporation Commission should monitor professional liability insurance for lawyers as it does medical malpractice insurance for physicians, the Virginia attorney general’s office says.
The attorney general’s division of consumer counsel concluded in a three-month study that insufficient competition exists among insurers in Virginia offering liability coverage for lawyers.
In a report filed this week with the SCC, the division recommended that all changes in lawyers’ professional liability insurance rates be reported to the SCC 60 days before the rates become effective.
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