In conducting the business and affairs of the insurance fund, the executive director may do any of the following:

1. (a) Enter into contracts of insurance.
2. (b) Decline to insure any risk in which the minimum requirements of the insurance fund are not complied with, or which is beyond the safe carrying of the insurance fund.
3. (c) Reinsure any risk or any part thereof.
4. (d) Make rules for the settlement of claims against the insurance fund and determine to whom and through whom the payments are to be made.
5. (e) Enter into any contracts or obligations relating to the fund.
6. (f) Invest and reinvest the moneys belonging to the fund as provided by this part or Part 3 (commencing with Section 50900).
7. (g) Conduct all business and affairs and perform all acts relating to the fund whether or not specifically designated in this part.