Fund renews IAC contract for life insurance

The NMI Retirement Fund has chosen the Individual Assurance Company anew to provide life insurance coverage for government employees. With the new agreement, members need to enroll again for coverage.

Fund administrator Karl T. Reyes said the agency awarded IAC with a three-year contract.

The company has been the Fund’s provider for its group life insurance program in the past four years. Last year, it signed a one-year agreement with the Fund.

The Fund earlier said it received two proposals this year for the life insurance program.

Program director Dolores S. Moore said in a June 7 memorandum that, following the new contract with IAC, members need to re-enroll so they would be covered again. She said the new agreement takes effect on July 1 this year.

“This new agreement necessitates a new enrolment form from all CNMI government employees and retirees desiring life insurance coverage under the government’s group plan,” she said.

Moore said an employee orientation will be conducted during various sessions to be held this month at the Multi Purpose Center in Susupe.

Moore said enrolment sessions on Saipan will be held from June 15 to 30. Tinian enrolment will take place on June 30 and July 1 at the Tinian Gymnasium, while the Rota schedule is on July 5 to July 6 at the Rota Round House.

Moore called on government employees interested to be part of the life insurance program to enroll at the specified time “to continue or waive your government life insurance coverage.”

Meantime, Reyes said that the Fund’s planned privatization of health insurance program remains pending. He said the government and its consultant continue to evaluate the proposal of Select Care.

The board would decide whether there is still a need to issue another RFP for the group health insurance program after the review.

The government hopes to implement a cafeteria-style program for the health insurance to give members a chance to choose their preferred packages. This approach is part of the plan to fully privatize the government’s Group Health and Life Insurance Program.

The health program is currently run by the Fund through a third party administrator, Hawaii Pacific Medical Referral.

The Fund has been working for two years now for the privatization of the health program component. The Fund said earlier that it hopes to finally make the transition by July this year.