In dentistry, as in medicine, there are often long delays between an adverse incident, the reporting and ultimate settlement of any subsequent claim. At any moment in time, therefore, there is the potential for Dental Protection to incur costs long into the future, in relation to incidents that have already occurred, but which have not yet become a complaint or claim. The cost of these potential future claims need to be provided for in addition to the costs arising from reported (known) claims. Year after year, Dental Protection makes provision for both reported claims and those yet to be reported, and which might become a liability for MPS.
At the end of 2012, MPS had more than £1.8 billion in total assets to enable us to meet the cost of claims and complaints brought against members. The strength of this position is independently verified by an internationally respected firm of consulting actuaries. Their report and the underlying analysis is prepared in accordance with all relevant actuarial guidance issued by the Board for Actuarial Standards (“BAS”) and the Institute and Faculty of Actuaries.
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