The advisory board shall review:
A. specifications for all insurance policies to be purchased by the risk management division including specifications setting forth minimum capital and surplus requirements for any insurance company submitting a bid;
B. all professional service and consulting contracts or agreements to be entered into by the risk management division;
C. if insurance is to be purchased by negotiation, the companies and agents to be selected to submit proposals;
D. all rules and regulations to be promulgated by the risk management division;
E. the form, purpose and content of certificates of coverage to be issued by the risk management division; and
F. investments to be made by the risk management division.