 Premium increases for Group Life Insurance membersDepartment of Finance and AdministrationThe Department of Finance and Administration announces a five cents increase in the Group Life Insurance Premium for enrollees from the National Government of the Federated States of Micronesia. Beginning January 2006, all national government employees enrolled in the Individual Assurance Company (IAC) Group Life Insurance plan will add two cents ($0.02) to their group payments with the shared cost of three cents ($0.03) to be contributed by the National Government. The increase is based on Actuarial Findings that the number of claims filed by employees of the governments with IAC has increased to such a level which the company may not be able to "maintain coverage under its current Agreement with the FSM Governments' Group Life Insurance Enrollee." It is further noted that the measure is "extremely urgent and necessary in order to prevent decrease in benefits and possible cancellation of plan." Additional information is available from: Division of Personnel Administration FSM Department of Finance and Administration P.O. Box 158 Palikir, Pohnpei 96941 (691) 320-2640 fsmsofa@mail.fm |