(A) Where the amount of an annual insurance premium is estimated to be more than one thousand dollars but less than fifty thousand dollars, and is not required to be competitively bid, the administrator of the office of risk management may procure a contract of insurance using the following procedures:
(1) Upon request of an agency, or by a determination by the administrator of the office of risk management that an agency may need particular insurance coverage, the administrator may solicit price quotations from persons dealing in contracts of insurance as selected by the administrator.
(2) The administrator shall review each price quotation and make a recommendation to an agency based on an evaluation of the cost, protection comparison and other relevant considerations.
(3) If an agency determines that a particular insurance coverage or program is needed, the administrator shall notify the selected person, and provide any additional information needed to underwrite the contract of insurance.
(B) Where the amount of the annual insurance premium is fifty thousand dollars or more, the office of state purchasing, with the approval of the Administrator of the office of risk management, shall, on behalf of the appropriate agency, purchase the insurance in accordance with the competitive bidding requirements of sections 125.04 to 125.15 of the Revised Code and rules 123:5-1-09 to 123:5-1-27 of the Administrative Code.