(a) A governmental unit may establish a self-insurance fund to protect the governmental unit and its officers, employees, and agents from any insurable risk or hazard.
(b) The governmental unit may:
(1) issue public securities and use the proceeds for all or part of the fund; or
(2) use any money available to the governmental unit for the fund.
(c) The governmental unit may purchase reinsurance for a risk covered through the fund.
(d) Any law, including a regulation, requiring insurance may be satisfied by coverage provided through the fund.
(e) Any law, including a regulation, requiring a certificate of insurance or an insurance agent's signature, countersignature, or approval may be satisfied by a certificate of coverage issued on behalf of the governmental unit demonstrating that coverage is provided through the fund.