WHEREAS, the bylaws of the Association provide that the Committee on Insurance Programs, "shall be 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 Reliance Standard Insurance Company;
WHEREAS, Reliance Standard Insurance Company has a Moody's rating of "Baa2" (Adequate); a S&P rating of "A" (Strong) and an A.M. Best rating of "A-" (Excellent);
WHEREAS, ReliaStar Insurance Company has a Moody's rating of "Al" (Good); a S&P rating of "AA" (Excellent) and an A.M. Best rating of "A+" (Superior);
WHEREAS, the Association's endorsed broker of record, Colburn Insurance has recommended removal of the Association's life insurance program from Reliance Standard Insurance Company to ReliaStar Insurance Company;
WHEREAS, the Association's Committee on Insurance Programs has reviewed the present program with Reliance Standard Insurance Company and compared not only the ratings of the present carrier with ReliaStar but also the benefits available to Association members if the program is moved to ReliaStar Insurance Company and believes it to be in the best interests of the Association and its insured members, to move the endorsement to ReliaStar Insurance Company at the end of the current contract term in October 1999.
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 ReliaStar Insurance Company when the current contract term ends with Reliance Standard Insurance Company.
PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: June 24, 1999