RESOLUTION TRANSFERRING THE ASSOCIATION SPONSORED LIFE INSURANCE PROGRAM FROM RELIASTAR INSURANCE COMPANY TO NEW YORK LIFE INSURANCE COMPANY
WHEREAS, the Insurance Programs Committee is responsible for the general oversight of insurance programs offered to the members and staff of the Association;
WHEREAS, the endorsed life insurance program of the Association is currently written with ReliaStar Insurance Company;
WHEREAS, New York Life Insurance Company is rated "A+" (excellent) by A.M. Best;
WHEREAS, the viability of the Association's Life Insurance Program depends on the willingness of the carrier to make guaranteed and simplified issue offers, as well to make an aggressive marketing commitment;
WHEREAS, the Association's endorsed broker of record, USI Colburn Insurance Service has recommended removal of the Association's life insurance program from ReliaStar Insurance Company to New York Life Insurance Company because of New York Life's commitment to market the program; to issue a 10 year level term product; to offer a simplified issue policy; to offer a guaranteed issue increase in the death benefit up to 10% of the current coverage amount up to $1,000,000.00 of coverage, and to change the accelerated death benefit from 50 to 60% of the policy limit;
WHEREAS, the Insurance Programs Committee has reviewed the present program with ReliaStar Insurance Company and compared not only the ratings of the present carrier with New York Life but also the benefits available to Association members if the program is moved to New York Life Insurance Company;
WHEREAS, the Insurance Programs Committee believes it to be in the best interests of the Association and its insured members, to transfer the endorsement at the end of the current contract term in April 2005.
NOW THEREFORE BE IT RESOLVED that the Board of Governors directs that the endorsement of the Association's life insurance program be moved to the New York Life Insurance Company when the current contract with ReliaStar Insurance Company expires.
PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: NOVEMBER 23, 2004