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Insurance for Members Committee
Annual Report, 2005-2006

The Insurance for Members Committee (the “Committee”) remained very active in 2005-2006, benefiting MSBA members by increasing the number of group insurance options as well as improving some of the existing programs offered. Over the past year, the Committee completed, among other projects, the following:

1. A member needs survey. The survey found that overall, members are satisfied with the insurance products endorsed by the MSBA; however, survey participants also expressed interest in certain additional coverages, which the committee will work on in 2006. As the survey proved to be an extremely useful tool for identifying and quantifying member needs and interest in insurance programs, the Committee has voted to conduct a survey every three years (assuming funds are approved), to ensure members insurance needs continue to be met.

2. An increase in life insurance coverage options and contract changes with Reliastar, included the following:

a. A change in the member reduction schedule to 50% on the group policy anniversary date on or after the member’s 70th birthday;
b. Added coverage for Accidental Death & Dismemberment;
c. Added coverage for group level term insurance;
d. Added coverage for senior life insurance; and
e. Added coverage for domestic partners.

3. New offering - the evaluation and recommendation of an Employment Practices Liability Program through Chubb and Beazley. Chubb will be the preferred carrier for the larger firms and & Beazley for smaller firms.

4. New offering - the evaluation and recommendation for a dental plan through Delta Dental.

5. A second professional liability insurance policy review resulted in the Committee’s submission of a recommendation to endorse Minnesota Lawyers Mutual as the preferred insurer contingent upon receipt of a signed contract.

In 2006-2007 the committee will continue to monitor member insurance needs and make recommended changes as appropriate in addition to finalizing a new contract with the current insurance broker, Marsh Affinity.

Steven V. Besser
Chair

- Last Updated 9/5/06 -