Insurance policies

§ 8709. Insurance policies (a) The Civil Service Commission, without regard to section 5 of title 41, may purchase from one or more life insurance companies a policy or policies of group life and accidental death and dismemberment insurance to provide the benefits specified by this chapter. A company must meet the following requirements: (1) It must be licensed to transact life and accidental death and dismemberment insurance under the laws of 48 of the States and the District of Columbia. (2) It must have in effect, on the most recent December 31 for which information is available to the Commission, an amount of employee group life insurance equal to at least 1 percent of the total amount of employee group life insurance in the United States in all life insurance companies. (b) A company issuing a policy under subsection (a) of this section shall establish an administrative office under a name approved by the Commission. (c) The Commission at any time may discontinue a policy purchased from a company under subsection (a) of this section.