CAPITOL HILL Saipan-Moylan’s Insurance Underwriters International is now the agent for the Northern Marianas government’s group life insurance program according to Mark M. Aguon administrator of the NMI Retirement Fund.
The NMIRF board of trustees which also oversees the government’s Group Health and Life Insurance Trust Fund agreed during a meeting on June 24 to award the contract to Moylan’s Aguon said. The contract took effect on July 1 2008.
The board issued a request for proposal on Apr. 12 Aguon said. Individual Assurance Co. which was handling the account prior to the new contract also replied he said..
Aguon did not explain why the Board switched to a new contractor saying only that the government "requires periodic re-issuance of an RFP."
There was no data available about the value of the contract which covers "all eligible fund members government retirees and active employees " Aguon said. The premium rate is 40 cents per $1 000 of total salary payable bi-weekly. "The premium rate is shared 50-50 between employer and employee " Aguon said.
There are approximately 4 000 commonwealth government employees.
Premiums collected will directly go to Moylan’s the general agent which will be facilitating the program with Netcare Aguon said.