The Director of Insurance shall appoint an advisory committee to the director and the South Carolina Building Codes Council to study issues associated with the development of strategies for reducing loss of life and mitigating property losses due to hurricane, earthquake, and fire. The advisory committee also must consider the costs associated with these strategies to individual property owners. The advisory committee must include:

1. (1) one representative from Clemson University involved with wind engineering;
2. (2) one representative from an academic institution involved with the study of earthquakes;
3. (3) one representative from the Department of Insurance;
4. (4) one representative from an insurer writing property insurance in South Carolina;
5. (5) one representative from the Department of Commerce;
6. (6) one representative from the Federal Emergency Management Association;
7. (7) one representative from the Homebuilders Association;
8. (8) one representative from the Manufactured Housing Institute of South Carolina;
9. (9) one representative from the State Fire Marshal's office;
10. (10) one representative from the South Carolina Emergency Preparedness Division;
11. (11) one representative from the State Flood Mitigation Program;
12. (12) three at-large members appointed by the director; and

13. (13) three at-large members appointed by the Governor.

    Members shall serve for terms of two years and shall receive no per diem, mileage, or subsistence. Vacancies must be filled in the same manner as the original appointment.

    Within thirty days after its appointment, the advisory committee shall meet at the call of the Director of Insurance. The advisory committee shall elect from its members a chairman and a secretary and shall adopt rules not inconsistent with this chapter. Meetings may be called by the chairman on his own initiative and must be called at the request of three or more members of the advisory committee. All members shall be notified by the chairman of the time and place of the meeting at least seven days in advance of the meeting. All meetings must be open to the public. At least two-thirds vote of those members in attendance at the meeting shall constitute an official decision of the advisory committee.