The committee shall:

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A. review and advise the director on all group benefits coverages, whether insured or self-insured, included or to be included in the state group plan;

B. review and advise the director on all professional, technical or consulting contracts to be entered into in connection with the state group plan;

C. if insurance is to be purchased through negotiation, pursuant to Subparagraph (a) of Paragraph (1) of Subsection D of Section 6 [10-7B-7 N.M. Stat. Ann.] of the Group Benefits Act, review and advise the director as to companies and agents to be selected to submit proposals;

D. review and advise the director on rules and regulations relating to group benefits insurance and self-insurance;

E. review and advise the director on selection of an investment advisor for investments of the group self-insurance fund;

F. review and advise the director on guidelines establishing rates for and methods of rating participating state agencies and local public bodies;

G. perform any other duties and exercise any other powers as provided by law; and

H. review any matters specified in this section, which review by the committee shall preempt such review of such matters previously accorded to the risk management advisory board.