Annual Report 2007: FY July 1, 2006-June 30, 2007
Group Insurance Committee
The function of the Committee on Group Insurance is to maintain a liaison with the administrator of the Association’s group insurance programs, to audit the administrator’s annual report, and to supervise management of dividends that accrue. The Committee reviews existing programs and requests new insurance plans to meet changing needs of the membership.
The GeoCare Insurance Benefits Program continues to be one of the most important services provided to the AAPG membership. All of the individuals on the committee are highly dedicated in their efforts to provide the members with quality insurance programs. They continue to evaluate and add new member organizations to the Group Plan, which helps to maintain competitive pricing and increases benefits to the members.
Including the American Association of Petroleum Geologists, the following societies are also members of the Group Program: Society of Petroleum Engineers, American Association of Professional Landmen, Association of Environmental and Engineering Geologists, American Institute of Professional Geologists, Council of Petroleum Accountants Societies, Environmental and Engineering Geophysical Society, Geological Society of Washington, Society of Exploration Geophysicists, and SEPM Society for Sedimentary Geology.
AGIA Insurance Services of Carpinteria, California, is the program administrator through which all claims are filed and processed. Creekmore Livingston Inc. of Punta Gorda, Florida, is the broker liaison for AAPG. New York Life Insurance Co., Monumental Life Insurance Co., and Aetna Insurance Co. are the underwriters for the Group Insurance Plans.
The GeoCare Program now offers eleven plans for the benefit of our membership. They are 10-Year Level Term Life Insurance, Term Life Insurance, First-to-Die Term Life Insurance, High-Limit Accident Insurance, Disability Income, Comprehensive HealthCare, Health Savings Account Qualified Insurance, Dental Insurance, Catastrophic Major Medical, In-Hospital Insurance, and Cancer Insurance Plans. We also have an Association-sponsored Medicare Supplement Plan and Long Term Care Insurance.
The committee continues to evaluate new plans and or suggestions that will be beneficial to the members of the various organizations represented. The newest plan of homeowners and automobile insurance has been approved and will be underwritten by Liberty Mutual Insurance.
As of April 30, 2007, GeoCare member plan Certificates in Force are 10,885 with a Total Annual Premium of $17,886,176. With the addition of the SPE Group, the total Certificates in Force are 14,277 and a Total Annual Premium of $25,012,037. Through the first four months of 2007, nearly 13,000 medical related claims were processed by AGIA Insurance Services and over $4,798,000 was paid to the members enrolled in the medical group programs.
Complete information on all of the insurance plans provided can be found on the Web.
Terry L. Hollrah, Chair
Committee members: Ted Beaumont, Nancy Carter, Jane Crouch, Terry Hollrah (chair), Burt Nelson, Randi Martinsen, Kay Pitts (vice-chair), and Ron Young.