5 §18051. Authorization
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 20: STATE RETIREMENT SYSTEM (HEADING: PL 1985, C. 801, §5 (NEW))
Chapter 423: STATE EMPLOYEES AND TEACHERS (HEADING: PL 1985, C. 801, §5 (NEW))
Subchapter 6: GROUP LIFE INSURANCE HEADING: PL 1985, C. 801, §5 (NEW)
§18051. Authorization
The board, and only the board, may purchase for the retirement system, from one or more life insurance companies, a policy or policies of life insurance, as defined by Title 24-A, section 702. [1985, c. 801, §§ 5, 7 (NEW).]
1. Procedure. Proposals for the purchase of insurance may be solicited from one or more insurance companies on a competitive basis or an existing policy or policies may be renegotiated.
[ 1985, c. 801, §§ 5, 7 (NEW) .]
2. Licensed company. Any policy or policies purchased shall be purchased from a company or companies licensed under the laws of this State.
[ 1985, c. 801, §§ 5, 7 (NEW) .]
SECTION HISTORY
1985, c. 801, §§5,7 (NEW).