(a) The executive director or commission, as appropriate, shall:
(1) by rule establish the financial responsibility requirements for electrical contractors; and
(2) after publication of the National Electrical Code by the National Fire Protection Association every three years, adopt the revised National Electrical Code as the electrical code for the state.
(b) The executive director or commissioner, as appropriate, may:
(1) establish reciprocity agreements with other states that have licensing requirements substantially equivalent to the requirements of this chapter; and
(2) take other action as necessary to administer and enforce this chapter.