(a) Trustees who act as fiduciaries for a risk pool must have at least 16 hours of combined professional instruction with four hours of instruction in each of the following areas:
(1) law governing the establishment and operation of risk pools by political subdivisions;
(2) principles of self-insurance and risk pools, including actuarial and underwriting principles and investment principles;
(3) principles relating to reading and understanding financial statements; and
(4) the general fiduciary duties of trustees.
(b) Not later than the 180th day after the date of selection as trustee, or after the effective date of this chapter, whichever is the later date, a trustee must complete the training required by Subsection (a).