(1) This subchapter is to establish and maintain a system of motor vehicle insurance for all public elementary and secondary schools, education service cooperatives, and open-enrollment public charter schools of Arkansas electing to participate in the program from and after July 1, 1991, with the Risk Management Division authorized, directed, and empowered to administer the program.
(2) The State Insurance Department shall adopt such rules as may be necessary to provide for the insuring of motor vehicles owned by participating public school districts within the State of Arkansas.