A. Notwithstanding any other provision of law, the risk management division of the department of finance and administration [general services department] may:

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(1)     contract, as may be necessary, with a recognized insurance consulting firm to assist in the implementation of the workmen’s compensation retention fund and the public property reserve fund; and

(2)     contract with a recognized insurance claims adjusting firm for the handling of all claims made against the workmen’s compensation retention fund or the public property reserve fund.

B. No contract shall be entered into pursuant to this section unless proposals have been sought from two or more qualified firms. Contracts shall be awarded on the basis of cost, financial resources of the firm, service facilities in New Mexico, service reputation and experience.