A. There is hereby created the office of risk management within the division of administration headed by the commissioner of administration.
B. The office of risk management, as the administrator of the risk management program of the state, is a plan of the state and is subject to the provisions of this Chapter and Title 39 of the Louisiana Revised Statutes of 1950. In managing all insurance covering property and liability exposure of the state, the office of risk management, the Self-Insurance Fund administered by the office, and commercial coverage transactions by the office on behalf of the state shall not be subject to the provisions of the Louisiana Insurance Code set forth in Title 22 of the Louisiana Revised Statutes of 1950.