(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 and Public School Life and Health Insurance Board 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.
(c)
(1) The board shall open all bids in a public meeting at the time and place established in the notice for receiving bid proposals.
(2) All bids so opened shall be made available for public inspection.
(d)
(1) The board shall evaluate each bid proposal according to the uniform criteria established by the Insurance Commissioner for evaluating benefits in relation to premiums to be charged for the benefits.
(2) The board shall also determine that each insurance company submitting a bid meets the minimum standards for financial solvency and ability to provide services as promulgated by the commissioner.
(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.