Section 15-7-5 - Powers and duties of the advisory boardThe advisory board shall review:
A. specifications for all insurance policies to be purchased by the risk management division including specifications setting forth minimum capital and surplus requirements for any insurance company submitting a bid; B. all professional service and consulting contracts or agreements to be entered into by the risk management division; C. if insurance is to be purchased by negotiation, the companies and agents to be selected to submit proposals; D. all rules and regulations to be promulgated by the risk management division; E. the form, purpose and content of certificates of coverage to be issued by the risk management division; and F. investments to be made by the risk management division. Laws 1978, ch. 166, § 10.