5 §18651. Authorization - Maine Statutes

Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES

Part 20: STATE RETIREMENT SYSTEM (HEADING: PL 1985, C. 801, §5 (NEW))

Chapter 425: PARTICIPATING LOCAL DISTRICTS HEADING: PL 1985, C. 801, §5 (NEW)

Subchapter 6: GROUP LIFE INSURANCE HEADING: PL 1985, C. 801, §5 (NEW)

§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).