Me. Stat. tit. 5 § 18651

Current through 131st (2023-2024) Legislature Chapter 684

Section 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).]

5 M.R.S. § 18651

1985, c. 801, §§5,7 (NEW) .