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.