Sec. 725.4. Administration

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(a) The board is authorized to execute a contract with an insurance company, licensed by the State Insurance Department, for such insurance company to administer the plan in accordance with the terms and conditions therein, subject to all applicable requirements of the State Insurance Law and of the State Insurance Department.
(b) The board is authorized to make such payments from the pension fund to such insurance company as may be necessary to initiate and continue the proper execution and administration of the plan.

                    
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