Risk management advisory board.

A. There is created the "risk management advisory board." The board shall be composed of: (1) the attorney general or his designee; (2) the superintendent of insurance; (3) the secretary of finance and administration or his designee; (4) the chief financial officer of a public school district who shall be appointed by the governor; (5) an attorney, who shall be named by the president of the state bar of New Mexico; (6) the director of the legislative council service or his designee; (7) the chief financial officer of an institution of higher education who shall be appointed by the governor; (8) an insurance agent licensed to write property, casualty and life insurance in this state who shall be appointed by the governor; and (9) the chief financial officer of a local public body or the chief administrator of an entity of a local public body, other than a school district, with a risk covered by the public liability fund, who shall be appointed by the governor. B. Members of the board appointed by the governor or named by the president of the state bar of New Mexico shall serve for a term of four years. The insurance agent appointed by the governor and the attorney named by the president of the state bar of New Mexico shall be paid by the risk management division per diem and mileage in accordance with the provisions of the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978]. C. A majority of the board shall constitute a quorum. The members of the board shall annually elect from among their membership a chairman and vice chairman.