Automobile liability reinsurance contract; letting for bid

To underwrite automobile liability insurance provided by the board, the State Fiscal Accountability Authority is authorized to either self-insure, purchase reinsurance, or use a combination of self-insurance and reinsurance. Should the authority elect to purchase automobile liability reinsurance, the reinsurance shall be procured through a bid process in accordance with the South Carolina Consolidated Procurement Code with a contract term not to exceed three years.