(1) Claims incurred on and after the effective date that a public institution of higher education elects to provide self-funded coverage under this subchapter shall be the responsibility of the two-year or four-year public institution of higher education.
(2) Claims incurred prior to the effective date that a public institution of higher education elects to provide self-funded coverage under this subchapter shall become the responsibility of the two-year or four-year public institution of higher education, and the workers' compensation trust fund maintained for each institution by the Department of Finance and Administration shall be paid to the institution by the Public Employee Claims Division on the effective date of the election.
(3) The division shall assist and provide necessary records to institutions making an election under this subchapter or to their designees.