It shall be the power and duty of the Insurance Commissioner to:
(1) Establish in the State Insurance Department a program of insurance to cover motor vehicles owned by public school districts, education service cooperatives, and open-enrollment public charter schools.
(2) The program shall be in accordance with recognized and established insurance practices;
(3) Establish and, from time to time, modify the premium rates to be charged for various risks;
(4) Specify the form for insurance policies and other forms required for the purposes of this subchapter;
(5) Employ or contract for necessary officials, adjusters, appraisers, attorneys, and other personnel required in the administration of this subchapter;
(6) Engage in a loss control program to assist the public schools in improving and minimizing potential loss of life and property; and
(7) Perform all additional powers and duties necessary to maintain sound insurance underwriting practices recognized by good risk management.