(a) The pool shall:
(1) issue insurance coverage to each public entity entitled to coverage under this chapter;
(2) collect premiums for coverage issued or renewed by the pool;
(3) process and pay valid claims; and
(4) maintain detailed data regarding the pool.
(b) The pool may:
(1) enter into contracts;
(2) purchase reinsurance;
(3) cancel or refuse to renew coverage; and
(4) perform any other act necessary to implement this chapter, the plan of operation, or a rule adopted by the board.