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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.