Historical Information :
The Company was incorporated on November 23, 1976, and commenced business on April 1, 1977. Group Council was a mutual company that specialized in medical malpractice insurance. Underwriting acceptances were confined to medical professional liability for physicians and surgeons affiliated with the Health Insurance Plan of Greater New York ("HIP"). A limited amount of general liability insurance was also written and they were licensed to write surety bonds. Medical malpractice policies were written at manual rates for policies up to $1.0 million per policy and $3.0 million aggregate.
On March 19, 2002, the company was placed into liquidation. Prior to this, the company continued to operate despite a negative surplus position as New York Insurance Law Section 2343 C had restricted the state's domiciled medical malpractice companies from being placed into rehabilitation or liquidation due to insolvency. This law expired June 30, 2001.