Arkansas Code Title 6. Education § 6-17-1109. Life or disability insurance--Bid proposals

(a) Before selecting a policy or entering into an agreement with an insurance company for the providing of life or disability insurance for public school employees as authorized in this subchapter, the State Board of Finance shall publicize, by inserting in one (1) or more newspapers having a general circulation in the State of Arkansas, notice that bid proposals for the providing of life or disability insurance for public school employees will be received by the board on the date and at the place stated in the notice.

(b) The notice shall be published by two (2) insertions with the first insertion to be at least thirty (30) days before the date for receiving bids and with the second insertion to be not later than two (2) weeks before the date for receiving bids.

(e) After reviewing all bids, the board may approve the policy proposal with the insurance company that the board determines has submitted the bid with the best benefit coverage in relation to the premiums to be paid, as the board determines to be in the best interest of the public school employees' life or disability program.

(f) A bid contract shall be for a minimum of five (5) years.

(g) However, the board may reject any bid and readvertise for bids as set forth in this section.