The State Risk Manager shall:

1. Direct and supervise all administrative and technical activities of the Risk Management Division.

2. Determine the nature and extent of requirements for insurance, other than group life, accident or health insurance, on risks of an insurable nature of the State and any of its agencies, the premiums for which are payable in whole or in part from public money.

3. Negotiate for, procure, purchase and have placed, through a licensed insurance agent or broker residing or domiciled in Nevada, or continued in effect all insurance coverages, other than employee group life, accident or health insurance, which may be reasonably obtainable, whether from insurers authorized to transact business in this state or under the surplus lines provisions of chapter 685A of NRS.

4. Conduct periodic inspections of premises, property and risks to determine insurability, risk and premium rate, and submit a written report of each inspection and appraisal, together with any recommendations that appear appropriate, to the administrator of the agency most responsible for the premises, property or risk, and to the Director of the Department of Administration.

5. Provide for self-insurance if the potential loss is relatively insignificant or if the risk is highly predictable and the probability of loss is so slight that the cost of insuring the risk is not a prudent expenditure of public funds, or if insurance is unavailable or unavailable at a reasonable cost.

6. Select reasonable deductibles when it appears economically advantageous to the State to do so.

7. Select comprehensive and blanket coverages insuring the property of two or more state agencies when that appears economically advisable.

8. Investigate and determine the reliability and financial condition of insurers, and the services they provide.

9. Minimize risks by adopting and promoting programs to control losses and encourage safety.

10. Perform any of the services described in subsections 2, 3 and 4 for any political subdivision of the State at the request of its managing officer or governing body.

11. Perform any other function of risk management as directed by the Director of the Department of Administration.

(Added to NRS by 1979, 627; A 1991, 664; 1999, 3041)