(a) Notwithstanding any law to the contrary and in addition to the board of claims' authority set forth in § 9-8-108, the board of claims is authorized to:
(1) Establish the type or types of insurance and the insurance limits as excess insurance coverage necessary to carry out the purposes of this part;
(2) Purchase or procure the insurance policy or policies with the fund as the insured;
(3) Establish the effective date for which insurance coverage will be provided;
(4) Enter into contracts with financial consultants, actuaries, auditors, investment managers, individual attorneys, law firms, and other consultants and professionals as necessary to effectuate the purposes of this part;
(5) Establish the process for the administration of claims filed pursuant to this part;
(6) Recommend annually to the commissioner of finance and administration the total occurrence basis funding required to satisfy the liabilities arising under this part; and
(7) Promulgate rules that are necessary to carry out the purpose and intent of this part.
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