Section 21-37-45 - Insuring of municipal property(1) The governing authorities of municipalities shall have the power and authority to insure municipal property, including buildings, furniture, books and records, and all other property, against loss by fire and tornado, and to carry such amount of employer's liability, steam boilers, plate glass and other miscellaneous casualty insurance as in the discretion of the governing authorities of the municipality may be deemed proper, and to pay for the premiums thereof out of the municipal treasury.(2) The governing board of any county, municipality, municipal separate school district, other school district or community/junior college district, and the governing board or head of any other political subdivision or entity may negotiate for, secure and pool their risks under this section and may provide for the purchase of any one or more policies of property insurance, or the establishment of a self-insurance fund or self-insurance reserves, or any combination thereof. The governing board of any political subdivision or other entity set forth in this section is authorized to expend funds from any available source for the purpose of obtaining and maintaining that property insurance. The administration and service of any such self-insurance program shall be contracted to a third party and approved by the Commissioner of Insurance.Codes, 1930, § 2443; 1942, § 3374-151; Laws, 1930, ch. 43; Laws, 1938, ch. 330; Laws, 1950, ch. 491, § 151, eff. 7/1/1950.Amended by Laws, 2024, ch. 336, SB 2740,§ 2, eff. 7/1/2024.