Sec. 1551.214. SELECTION OF BIDS FOR PURCHASED COVERAGE. (a) An actuary selected by the board of trustees shall advise the board as to the actuarial soundness of the bids received under Section 1551.213.
(b) The board of trustees:
(1) shall select carriers to provide services that will be in the best interest of participants; and
(2) is not required to select the lowest bid but shall take into consideration other relevant criteria, including ability to service contracts, past experience, and financial ability.
(c) If the board of trustees selects a carrier whose bid differs from that advertised, the board shall record the deviation and shall fully justify and explain the reasons for the deviation in the minutes of the next meeting of the board.
(d) The board of trustees shall notify the carriers that submitted bids of the results of the bidding.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 3, eff. June 1, 2003.
Section: Previous 1551.207 1551.208 1551.209 1551.210 1551.211 1551.212 1551.213 1551.214 1551.215 1551.216 1551.217 1551.218 1551.219 1551.220 1551.222 NextLast modified: September 28, 2016