Section 21-5-404 - Powers, functions, and duties of boardThe State Board of Finance has the following powers, functions, and duties:
(1)(A) To explore various cost-containment measures and funding options for plan options offered under the State and Public School Life and Health Insurance Program for the benefit of state employees, state employee retirees, public school employees, and public school employee retirees.(B) The board shall not adopt a health insurance plan option that has no deductible for participants.(C) The board shall recommend that an active employee in a consumer-driven health insurance plan option offered under the program establish a health savings account if the active employee is eligible to establish a health savings account under federal law;(2) To promote competition among vendors and create a systematic formula for measuring competitiveness of the plan options offered under the program, quality-of-care delivery, portability, and accessibility to and affordability of health care;(3) To prepare a comprehensive analysis of the various plan options offered under the program, including cost, quality, and access differentials as well as any other comparisons of the plan options offered under the program;(4) To undertake studies and to take any appropriate action that the board determines will promote the financial soundness and overall well-being of the program;(5) To establish and set penalties as allowed under § 21-5-415;(6)(A) To develop, with the assistance of the Office of State Procurement, bid specifications and requests for proposals and to evaluate bids and proposals.(B) The board shall allow the office to execute all other actions relating to the purchasing procedures in contracting for consultants, third-party administrators, providers, or insurance companies on behalf of the program and all plan options offered under the program;(7) To evaluate responses to requests for proposals, select contractors for all services, and approve the award of contracts resulting from bids for the program and all plan options offered under the program;(8) To perform program and plan option design and summarize plan document approval, including without limitation lifetime limitations, copayments, deductibles, and eligibility rules;(9) To promote increased access to and participation in the program and the plan options offered under the program by educating state employees, state employee retirees, public school employees, and public school employee retirees about the program and all plan options offered under the program, including the advantages and disadvantages of each available plan option;(10)(A) To direct the office to contract with qualified vendors, as defined by the board, offering the plan options under the program as prescribed by the board without regard to § 19-11-228 or other statutes requiring competitive bidding.(B) Each contract shall be for a term of at least one (1) year but may be made automatically renewable from term to term in the absence of notice of termination by either party; and(11)(A) To obtain quality-of-care information from systems, networks, hospitals, and clinical providers to inform plan option design, plan option management, and consumer decisions.(B) The board shall: (i) Use accepted national standards for assessment of quality-of-care information provided by systems, networks, hospitals, and clinical providers; and(ii) Be empowered to: (a) Determine the appropriate use of quality-of-care information and scope of system, network, hospital, and clinical provider accountability;(b) Request aggregate performance information for patients; and(c) Publicly report conclusions of quality-of-care assessment.Amended by Act 2022, No. 114,§ 5, eff. 3/1/2022.Amended by Act 2021, No. 1004,§ 13, eff. 4/28/2021.Amended by Act 2019, No. 910,§ 6138, eff. 7/1/2019.Amended by Act 2015, No. 1135,§ 1, eff. 7/22/2015.Amended by Act 2015, No. 910,§ 1, eff. 7/22/2015.Amended by Act 2014EX2, No. 6,§ 4, eff. 10/1/2014.Amended by Act 2014EX2, No. 6,§ 3, eff. 10/1/2014.Amended by Act 2014EX2, No. 6,§ 2, eff. 10/1/2014.Amended by Act 2014EX2, No. 3,§ 4, eff. 10/1/2014.Amended by Act 2014EX2, No. 3,§ 3, eff. 10/1/2014.Amended by Act 2014EX2, No. 3,§ 2, eff. 10/1/2014.Amended by Act 2013EX1, No. 6,§ 2, eff. 10/21/2013.Amended by Act 2013EX1, No. 3,§ 2, eff. 10/21/2013.Acts 1995, No. 1206, § 4; 1999, No. 1280, § 4; 2003, No. 1446, § 2; 2005, No. 1308, § 1; 2005, No. 1937, § 1; 2007, No. 1009, § 4.