In contracting for the group insurance provided for in section five-b and for the
supplemental retirement benefits provided for in section five-c of this article, as
well as for other insurance benefits for any and all persons employed by it, the board
of governors of West Virginia University shall solicit proposals for the coverage
sought, which proposals shall be obtained by public notice inserted at least twice
in a newspaper of statewide circulation at least two weeks before the final date of
The board may also solicit proposals by sending requests by mail to prospective insurers. Upon receipt and consideration of such proposals as may be submitted the board shall
have the authority to accept the proposal of and contract with the insurer offering
the insurance program or programs determined by the board, in its judgment, to be
the most desirable to the beneficiaries thereof, whether such insurer be then licensed
as an insurance company in this State or not: Provided, That no contract shall be
made effective unless and until the insurance company becomes licensed as a life insurance
company in accordance with article three, chapter thirty-three of this Code, as amended:
Provided further, That if such insurer shall be a life insurance company organized
and operated without profit to any private shareholder or individual exclusively for
the purpose of aiding and strengthening nonprofit institutions or foundations engaged
primarily in education or research, by issuing insurance and annuity contracts only
to or for the benefit of such institutions and to individuals engaged in the service
of such institutions, it shall be exempt from the payment of premium and annuity taxes
provided for by sections fourteen, fourteen-a and fifteen, article three, and any
other pertinent premium tax sections, of chapter thirty-three of this Code, as amended
as to all annuity or insurance contracts made with educational institutions located
within, or relative to subjects of insurance resident in, West Virginia.
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