1. (a) In this section, “public entity” means:

   1. (1) a political subdivision of the State;
   2. (2) a unit of the State or a local government; or

   3. (3) a nonprofit or nonstock corporation that:

      1. (i) receives 50% or more of its annual operating budget from the State or a local government; and
      2. (ii) is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.
2. (b) Public entities may pool together to purchase life insurance or to self-insure against life risks.

Added by Acts 1998, c. 346, § 1, eff. Oct. 1, 1998; Acts 1998, c. 347, § 1, eff. Oct. 1, 1998.