It shall be the power and duty of the State Insurance Department to:
(1) Adopt such rules as may be necessary to provide for the insuring of public elementary and secondary school, education service cooperative, and open-enrollment public charter school property within the State of Arkansas;
(2) Administer the Public School Insurance Trust Fund;
(3) Delegate responsibilities in connection with the administration of this subchapter to the Director of the Risk Management Division and the staff of the department;
(4)
(A) Establish and administer a program of insurance to cover buildings and contents of public school districts, education service cooperatives, and open-enrollment public charter schools of this state that have elected to participate in a multischool insurance program.
(B) The programs shall be in accordance with recognized and established insurance practices;
(5) Establish, and from time to time modify, the premium rates to be charged for the various risks;
(6) Specify the form for insurance policies and other forms required for the purposes of this subchapter;
(7)
(A) Purchase insurance in compliance with all state purchasing laws from insurance companies authorized to do business in this state in keeping with recognized principles of good risk management.
(B) The director shall prescribe, from time to time, rules and regulations for placing and handling the insurance;
(8) Employ necessary adjusters, engineers, appraisers, and other personnel required in the administration of this subchapter;
(9) Engage in a program of prevention loss control to assist the various public schools in improving and minimizing potential insurance losses;
(10) Perform all additional powers and duties necessary to maintain sound insurance underwriting practices recognized by good risk management;
(11) Periodically review the status of the fund and the adequacy of insurance premium rates and compare these rates with rates for comparable risks for private insurance companies;
(12) Confer with superintendents and boards of directors of school districts, the governing boards of education service cooperatives, and open-enrollment public charter schools concerning insurance practices of the various school districts, education service cooperatives, and open-enrollment public charter schools;
(13) Promulgate rules and regulations for the administration of the state public school insurance program; and
(14) Perform other duties that will expedite the operation of the Public Elementary and Secondary School Insurance Program.