Last year, TLIE was able to declare its first-ever $2.5 million distribution payable directly to its policyholders, and I am delighted to announce that this year, the Board of Directors has declared the issuance of an even greater distribution of profits. The Texas Department of Insurance authorized this distribution by letter dated September 18, 1998. This year, the aggregate amount is $3,000,000, payable to policyholders of record as of November 30, 1998. The actual payment date will be December 18, 1998.
This distribution has been made possible in part by continued improvements in the claims experience of TLIE member insureds. Those claims reported have been resolved for lower costs than expected, and the number of claims received has been fewer than we anticipated. A favorable economy and our continuing educational efforts in risk management have once again proven beneficial to the membership, as evidenced by this distribution and the gradual reduction in premiums in each of the past five years.
TLIE was created as a reciprocal exchange in 1979 by the attorneys of Texas in order to provide a stable source of professional liability insurance. Yet, our mission is broader than just the collection of premiums and payment of covered claims. We firmly believe that a significant part of our responsibility to the legal community is to help attorneys avoid the errors and omissions that can lead to malpractice claims and grievance matters.
I believe that TLIE is one of the only providers of professional liability insurance for attorneys in Texas that has rewarded its policyholders directly with a return of profits. Your TLIE Board of Directors hopes that whenever fiscally possible and pursuant to authority from the Texas Department of Insurance, it will continue to be able to provide future distributions to TLIE members.
If you are not now a member of TLIE and would like more information, please call Sam Risinger or Jean Sholes toll-free at 1/800-252-9332. You may also send email messages to Info@tlie.org, or visit our world-wide website at www.tlie.org. Here at TLIE, we are continuing to respond to your needs as our member insureds.
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