2010 Maine Code
TITLE 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Chapter 425: PARTICIPATING LOCAL DISTRICTS
5 §18651. Authorization
Part 20: STATE RETIREMENT SYSTEM
Subchapter 6: GROUP LIFE INSURANCE
§18651. 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).
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