01 May Tort Reform Was A Big Lie To Get More Profits!
The argument for capping damages is that because the insurance company’s profits go down, the cost of insurance goes up until doctors, for example, cannot afford insurance and may leave the practice.
After a massive campaign in Texas, financed by big Texas money, voters were persuaded to eviscerate their own constitution so that noneconomic damages were capped — those greedy lawyers you know, and those untrustworthy juries. Noneconomic damages are the loss of enjoyment of life and are peoples’ most important damages.
After the insurance companies’ victory, one of the nation’s largest medical malpractice insurance company executives told Texas insurance regulators that the newly imposed caps would save the company little, if any, money — maybe 1 percent — while the company at the same time was requesting a 19 percent rate increase from the Texas Department of Insurance.
So who lost?
Once more, the people lost and the profit was pocketed by the insurance companies. Nevadans were equally tricked.
Anthony Paglia Injury Lawyer LTD is a member of two Nevada consumer advocacy groups, the NJA and CFJ, that go up to Carson City to monitor and combat laws that hurt us consumers. Call 702.830.7070 for a free consult to see how we can help you in the event of an injury.
The above is from Gerry Spence’s Bloodthirsty Bitches and Pious Pimps of Power page 162.