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. 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.

   [PL 1985, c. 801, §§ 5, 7 (NEW).]

2. 2. Licensed company Any policy or policies purchased shall be purchased from a company or companies licensed under the laws of this State.

   [PL 1985, c. 801, §§ 5, 7 (NEW).]

PL 1985, c. 801, §§5,7 (NEW).