Sec. 1. (a) The obligation to pay an amount from the patient's compensation fund under IC 34-18-14-3(c), IC 34-18-6-6, or section 3 of this chapter (or IC 27-12-14-3(c), IC 27-12-6-6, or IC 27-12-15-3 before their repeal) may be discharged as follows:
(1) Payment in one (1) lump amount.
(2) An agreement requiring periodic payments from the fund over a period of years.
(3) The purchase of an annuity payable to the patient.
(4) Any combination of subdivisions (1), (2), and (3).
(b) The commissioner may contract with approved insurers to insure the ability of the fund to make periodic payments under subsection (a)(2).