(a) Contracts authorized.--Council, in its discretion or as required by law or a collective bargaining agreement, may make contracts of insurance and contracts for annuities or pensions, including the following:
(1) Contracts of insurance with any mutual or other fire insurance company, association or exchange, duly authorized by law to transact insurance business in this Commonwealth, on any building or property owned by the city and contracts to insure against burglary or theft of city property, fire, other disaster and public liability.
(2) Contracts of insurance with any insurance company, nonprofit hospitalization corporation or nonprofit medical service corporation authorized to transact insurance business within this Commonwealth, insuring elected or appointed officers, officials and employees of the city, or their dependents, under a policy or policies of group insurance covering life, health, hospitalization, medical service or accident insurance.
(3) Contracts to purchase annuities or pensions for elected or appointed officers, officials and employees.
(b) Payment of premium and charges.--In the case of a contract for the benefit of elected or appointed officers, officials and employees of the city, or their dependents, the city may, as determined by council or as required by law or a collective bargaining agreement, pay part or all of the premiums or charges for the contract.
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