(a) In this section, “public entity” means:
(1) a political subdivision of the State;
(2) a unit of the State or a local government;
(3) a nonprofit or nonstock corporation that:
(i) receives 50% or more of its annual operating budget from the State or a local government; and
(ii) is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code; or
(4) a Resilience Authority as defined in § 22-101 of the Local Government Article.
(b) Public entities may pool together to purchase casualty insurance, property insurance, or health insurance or to self-insure against casualty, property, or health risks.