Title
Dept/ Agency: Administration/Division of Personnel
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Contract for Health Insurance Benefits - Stop Loss Coverage
Purpose: To provide Stop Loss Coverage for Aetna Health Insurance Plan
Entity Name: United States Fire Insurance Company
Entity Address: 5 Christopher Way, Eatontown, New Jersey 07724
Contract Amount: Estimated Cost of $4,111,753.00
Funding Source: 2023 Budget
Contract Period: February 1, 2023 through December 31, 2023
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. (X) Insurance
( ) Fair & Open (X) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
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WHEREAS, the City of Newark (the "City") desires to enter into contract to provide its eligible employees, eligible retirees, and their eligible dependents represented by the various bargaining units with which the City negotiates and eligible unclassified personnel with a managed care health plan; and
WHEREAS, pursuant to N.J. Admin. Code ?11:15-3.23, as a self-insurance municipality, the City must also obtain stop loss coverage; and
WHEREAS, the City through its brokers solicited proposals in the private market for stop loss coverage; and
WHEREAS, United States Fire Insurance Company ("US Fire") has submitted a Proposal indicating they will provide competitive stop loss coverage; and
WHEREAS, the estimated annual premium cost for February 1, 2023 through December 31, 2023 contract year is Four Million One Hundred Eleven Thousand Seven Hundred Fifty-Three Dollars and Zero Cents ($4,111,753.00); and
WHEREAS, this contract is awarded without competitive bidding as an exception to Local Public Contract Law, pursuant to N.J.S.A. 40A:11-5(m); and
WHEREAS, Local Public Contract Law N.J.S.A. 40A:11-1, et seq. requires a resolution of the Governing Body authorizing t...
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