§ 9-3-206 — Specifications for insurance plan; submission of bids; change of carriers; notice of rate changes or intent of carrier not to renew; premium tax exemption

(a) The specifications drawn by the department for the
health insurance plan shall include hospital and medical
benefits, and comparable benefits for employees who rely solely
on spiritual means for healing. The specification drawn by the
department for the life insurance plan and any other group
insurance plan shall include benefits as determined by the
department. Bids shall be submitted to the department within
time limits established by the department and, in addition to
the carrier's cost proposal, shall include an explanation of the
method of claims administration proposed by the carrier and the
cost thereof, the amount of total premiums to be retained by the
carrier, the purpose for which these retained funds would be
allocated, and other information requested by the department.
(b) The department may:
(i) Call for bids and change carriers at its
discretion;
(ii) Terminate an existing contract at any time upon
sixty (60) days notice in the event of unsatisfactory
performance or noncompliance with the terms of the contract by
the carrier.
(c) Any carrier under contract with the department shall
give the department sixty (60) days notice of any proposed rate
change in the contract specifications or intent not to renew the
contract. If the department and the carrier agree during the
sixty (60) day period to any rate change in the specifications,
the department may renew the contract, as changed, without
reopening to bids.
(d) If the department decides to change carriers or to
reopen bids on the underwriting of any aspect of the group
insurance plan, it shall follow the same procedures in the
selection of a subsequent carrier as it did in awarding the
initial contract.
(e) Any carrier underwriting any portion of the state's
group insurance plan is exempt from paying premium taxes under
W.S. 26-4-103 on that portion of its business representing
premiums collected from the group insurance plan.