HomeMy Public PortalAbout02456 O R D I N A N C E NO. 2456
AN ORDINANCE renewing a contract with the Connecticut
General Life Insurance Company for the District's employee benefit
group insurance coverage from August 1, 1973 to August 1, 1974.
WHEREAS, the Connecticut General Life Insurance
Company, the carrier of the employee benefit group insurance
coverage from August 1, 1972 to August 1, 1973, by virtue of its
low bid of $357,084 annual premium, has submitted a proposal for
renewal of such contract for the year August 1, 1973 to August 1,
1974 with the basis cost for the year not to exceed $398,088; and
WHEREAS, the current carrier has paid out in claims the
amount of $231,386 through May 31, 1973, which is 86% of its
earned premium of $269,040 through that period, plus retention of
approximately 9.4% plus change in claim reserve; and
WHEREAS, such increase in premium is not more than 10%
of the premium for the current year, and within the limit for
renewal permitted by Ordinance No. 2376, and it is the opinion of
the District's insurance advisor that a solicitation of bids would
result in no material advantage to the District,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The Connecticut General Life Insurance
Company, the present insurance carrier for the District's employee
benefit group insurance coverage, is hereby awarded the renewal
contract for such coverage from August 1, 1973 to August 1, 1974
at and for a premium of Three Hundred Ninety-eight Thousand
Eighty-eight Dollars ($398,088.00).
The foregoing Ordinance was adopted July 11, 1973.