Maine Statutes
§ 5 §18651 — Authorization
Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 425 PARTICIPATING LOCAL DISTRICTS
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 §1860
Review of appeal§ 5 §18601
Definitions§ 5 §18602
Qualification for benefit§ 5 §18603
Computation of benefit§ 5 §18604
Method of payment§ 5 §18605
Adjustment of benefits§ 5 §18606
Termination of benefits§ 5 §18607
Benefits in lieu of article 4§ 5 §1861
Protection of information files§ 5 §18651
Authorization§ 5 §18652
Nature of policy§ 5 §18653
Rules§ 5 §18653-A
Funds§ 5 §18654
Administration§ 5 §18655
Participation