Maine Statutes
§ 5 §18051 — Authorization
Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 423 STATE EMPLOYEES AND TEACHERS
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.
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.
2.Licensed company.
Any policy or policies purchased shall be purchased from a company or companies licensed under the laws of this State.
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Legislative History
PL 1985, c. 801, §§5,7 (NEW).
Nearby Sections
15
§ 5 §18001
Definitions§ 5 §18002
Qualification for benefit§ 5 §18003
Computation of benefit§ 5 §18004
Method of payment§ 5 §18005
Adjustment of benefits§ 5 §18006
Termination of benefits§ 5 §18007
Benefits in lieu of article 4§ 5 §18051
Authorization§ 5 §18052
Nature of policy§ 5 §18053
Rules§ 5 §18053-A
Funds§ 5 §18054
Administration§ 5 §18055
Participation§ 5 §18056
Coverage§ 5 §18057
Payments on death