(a) The fund or a portion of the fund may be deposited:
(1) with the comptroller;
(2) with a federally insured financial institution that has its main office or a branch in this state; or
(3) in trust with a financial institution that has its main office or a branch in this state and is authorized to act as a fiduciary in this state.
(b) If the fund or a portion of the fund is deposited with the comptroller, the comptroller shall manage the deposit as trustee of money outside the state treasury.