(a) Conditions for use.--Insurance and notary bonds shall be procured by the department in accordance with this section except as authorized under section 515 (relating to sole source procurement) or 516 (relating to emergency procurement).

(b) Statement of qualifications.--Insurance and bond carriers may submit statements of qualifications and expressions of interest in providing insurance or notary bonds. The department may specify a uniform format for statements of qualifications.

(c) Request for proposals.--Adequate notice of the need for insurance or notary bond coverage shall be given by the purchasing agency through a request for proposals. The request for proposals shall describe the type of insurance or bond coverage required and list the type of information and data required of each offeror.

(d) Receipt of proposals.--Offerors shall submit their proposals prior to the time and date specified.

(e) Discussions with responsible offerors and revision to proposals.--Discussions and negotiations may be conducted with responsible offerors. Responsible offerors shall be accorded fair and equal treatment with respect to any opportunity for discussion, negotiation and revision of proposals. Revisions may be permitted after submissions and prior to award for the purpose of obtaining best and final offers.

(f) Award.--Award shall be made to the responsible offeror whose proposal is determined in writing by the department to be the most advantageous to the Commonwealth based on criteria determined by the department, including the coverage offered and the cost of the premium.