Exhibit 99


NCRIC  Group,  Inc.  Receives  Regulatory  Approval To Proceed  With Second Step
Conversion and Related Stock Offering

Washington D.C., May 15, 2003

NCRIC Group, Inc. (Nasdaq:  NCRI), a leading provider of insurance and physician
practice management services in the Mid-Atlantic Region, reported today that the
holding  company for NCRIC,  Inc.  has  received  regulatory  approval  from the
Commissioner  of Insurance  and  Securities  of the District of Columbia for the
second step  conversion of NCRIC, A Mutual Holding  Company,  the mutual holding
company for NCRIC Group,  Inc. As a result of the conversion  and offering,  the
mutual holding company will cease to exist,  and NCRIC Group will become a fully
public holding company.

The  conversion  and  offering  are  subject  to the  approval  of the  plan  of
conversion by the Members of NCRIC, A Mutual  Holding  Company and by the public
stockholders of NCRIC Group, Inc.

As previously reported,  NCRIC Group, Inc. has filed a Registration Statement on
Form S-1  with  the  Securities  and  Exchange  Commission  which  was  declared
effective on May 14, 2003. Copies of the Registration Statement are available on
the NCRIC Group, Inc. website at www.ncric.com.

Stock offering  materials are being mailed to those eligible to subscribe in the
subscription  offering,  and proxy  materials are being provided to stockholders
and members eligible to vote on the plan of conversion.  Information,  including
details of the offering and the operations of NCRIC Group,  Inc. are provided in
the Prospectus, which may be obtained by calling NCRIC Group's Stock Information
Center  on or after  May 20,  2003.  The  toll-free  telephone  number  is (866)
818-9961.  Hours of operation will be from 10:00 a.m. to 4:00 p.m.,  Washington,
D.C. Time, Monday through Friday.

This release is neither an offer to sell nor a  solicitation  of an offer to buy
common stock. The offer is made only by the Prospectus.

This news release contains certain forward-looking statements about the proposed
conversion  of the Mutual  Holding  Company and offering by the  Company.  These
include   statements   regarding  the  anticipated   consummation  date  of  the
transactions and anticipated future results.

Forward-looking statements can be identified by the fact that they do not relate
strictly  to  historical  or  current  facts.  They  often  include  words  like
"believe,"  "expect,"  "anticipate,"   "estimate"  and  "intend"  or  future  or
conditional  verbs such as "will," "would,"  "should," "could" or "may." Certain
factors  that could cause  actual  results to differ  materially  from  expected
results include increased competitive  pressures,  increased jury awards against
policyholders,  changes in  general  economic  conditions  and  legislative  and
regulatory  changes that  adversely  affect the businesses in which NCRIC Group,
Inc. and its subsidiaries are engaged.



About NCRIC Group, Inc.

NCRIC Group, Inc. is a healthcare  financial services  organization that assists
individual  physicians and groups of physicians in managing  their  practices by
providing medical  professional  liability  insurance,  practice  management and
financial services and employee benefit plan design and pension  administration.
In addition to its  headquarters  in  Washington,  D.C.,  NCRIC Group,  Inc. has
offices  in  Richmond,  Fredericksburg  and  Lynchburg,  Virginia,  as  well  as
Greensboro,  North Carolina,  and provides  services to more than 5,000 clients.
Its primary insurance  subsidiary,  NCRIC, Inc., is rated A- (Excellent) by A.M.
Best Company. For further  information,  contact R. Ray Pate, Jr., President and
CEO, 1115 30th Street, NW, Washington,  D.C. 20007, or consult NCRIC's web site,
www.ncric.com.

May 15, 2003