(a) The board shall:
(i) Administer the program;
(ii) Provide legal services for the defense of claims covered by this act;
(iii) Procure insurance, including reinsurance, purchase loss prevention, actuarial and other professional services as required by the board;
(iv) Establish assessments as necessary to operate the program on an actuarially sound basis. Assessments shall be computed to provide for:
(A) Expenditures authorized under this act; and (B) Stabilization charges to develop adequate reserves.
(v) Apportion and collect assessments from each participating local government;
(vi) Establish deductibles or retentions as deemed necessary for the efficient operation of the program; and (vii) Adopt rules governing the administration of the program.
(b) The board may deny a local government participation in or may terminate a participant from the program for a failure to pay the assessments required under this act.