Wyoming Administrative Code
Agency 048 - Health, Department of
Sub-Agency 0050 - Rural Health, Office of
Chapter 1 - MEDICAL MALPRACTICE INSURANCE ASSISTANCE PROGRAM
Section 1-9 - Criteria for Approval of Loan
Universal Citation: WY Code of Rules 1-9
Current through September 21, 2024
An application shall be approved if the application is complete, the applicant meets the requirements of these rules and the Act, and the applicant agrees to the terms and conditions ot the loan assistance program;
(a) Physicians.
(i) Amount. The principal amount of the loan
shall be the amount applied for, but shall not exceed the premium for the
coverage purchased or to be purchased under this Act by the physician. This
amount shall be prorated to reflect the percentage of the physician's or the
contracting entity's actual practice in Wyoming;
(ii) Terms of the contract. Upon approval of
the application, the physician shall enter into a contract with the Department
and shall sign a promissory note as approved by the Department prior to
disbursement of any funds. The contract shall include the following terms:
(A) Practice in Wyoming. The physician shall
agree to practice in Wyoming in the physician's specialty or sub-specialty for
a period of three (3) years after the effective date of the malpractice
insurance policy purchased with the loan proceeds;
(B) Interest rate. The interest rate for
loans made pursuant to this Chapter shall be determined by the Wyoming State
Treasurer at an annual rate equal to the average prime interest rate during the
preceding fiscal year plus one percent (1%) and shall be adjusted effective
January l" of each calendar year, including January V\ 2005. To determine the
average prime interest rate, the State Treasurer shall average the prime
interest rate for at least seventy-five percent (75%) of the thirty (30)
largest banks in the United States.
(C) Time for repayment. Loans made pursuant
to this Act shall be repaid in no more than five (5) years from the date the
loan funds are disbursed;
(D)
Participation in Medicaid and CHIP. The physician shall become or shall
continue as a Medicaid and CHIP services provider for the three (3) year period
specified above in subsection (A);
(E) Breach of contract. In addition to any
other civil or criminal penalties that may be imposed by law, any physician or
contracting entity that fails or refuses to fulfill the terms of the contract
required under this Act shall be in breach of the contract. In the event of a
breach of the contract, the physician shall immediately repay the outstanding
principal on the loan, plus accrued interest under the contract, together with
attorney fees, and any other costs of collection;
(F) Documentation. A physician shall, upon
written request of the Department, promptly provide documentation to show that
the physician is in compliance with the contract. In addition, the physician
shall, at the times specified in the contract but in no event less than once
per year, submit documentation showing compliance with the terms of the
contract. The physician shall promptly notify the Department in writing of any
change in name, address or other terms which may affect the terms of the
Contract; and
(G) Disclosure of
delinquency. The Department may disclose any delinquency or default on the loan
or the contract to credit bureaus.
(b) Contracting entities.
(i) Loans. The Department may make loans
pursuant to this Act to contracting entities to permit them to purchase
insurance coverage provided under the Act for the contracting entity's
physicians.
(ii) Eligibility.
Except as specifically provided for below, a contracting entity is eligible for
a loan to purchase coverage under this Act to the same extent and on the same
terms as a physician pursuant to subsection (a).
(iii) Terms of the contract. The contracting
entity shall enter into a contract with the Department and, in addition to the
requirements found in Sections
9(a)(ii) above, the
following terras shall be included in the contract:
(A) Time for repayment. Loans made pursuant
to this Act shall be repaid in no more than five (5) years from the date the
loan fimds are disbursed.
(B)
Documentation. The contracting entity is responsible to provide the
documentation requested in Sections
9(a)(ii)(F),
above.
Disclaimer: These regulations may not be the most recent version. Wyoming may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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