(1) The risk manager may: (a) enter into contracts; (b) form one or more captive insurance companies authorized under Title 31A, Chapter 37, Captive Insurance Companies Act; (c) purchase insurance or reinsurance; (d) adjust, settle, and pay claims; (e) pay expenses and costs; (f) study the risks of all covered entities and properties; (g) issue certificates of coverage or insurance for covered entities with respect to any risks covered by the Risk Management Fund or any captive insurance company created by the risk manager; (h) make recommendations about risk management and risk reduction strategies to covered entities; (i) in consultation with the attorney general, prescribe insurance, indemnification, and liability provisions to be included in all state contracts; (j) review covered entity building construction, major remodeling plans, program plans, and make recommendations to the covered entity about needed changes to address risk considerations; (k) attend covered entity planning and management meetings when necessary; (l) review any proposed legislation and communicate with legislators and legislative committees about the liability or risk management issues connected with any legislation; and (m) solicit any needed information about covered entity plans, programs, or risks necessary to perform the risk manager's responsibilities under this part. (2) (a) The risk manager may expend money from the Risk Management Fund to procure and provide coverage to all covered entities and their indemnified employees, except those entities or employees specifically exempted by statute. (b) The risk manager shall apportion the costs of that coverage according to the requirements of this part. (3) Before charging a rate, fee, or other amount to an executive branch agency, or to a subscriber of services other than an executive branch agency, the director shall: (a) submit the proposed rates, fees, or other amount and cost analysis to the Rate Committee established in Section 63A-1-114; and (b) obtain the approval of the Legislature as required by Section 63J-1-410. (4) The director shall conduct a market analysis by July 1, 2005, and periodically thereafter, of proposed rates and premiums, which analysis shall include a comparison of the division's rates and premiums with the rates and premiums of other public or private sector providers where comparable services and rates are reasonably available.
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