1. Except as otherwise provided in subsection 2, any two or more political subdivisions of this State, agencies of the State or the Nevada System of Higher Education may enter into a cooperative agreement for the purchase of insurance or the establishment of a self-insurance reserve or fund for coverage under a plan of: (a) Casualty insurance, as that term is defined in NRS 681A.020 ; (b) Marine and transportation insurance, as that term is defined in NRS 681A.050 ; (c) Property insurance, as that term is defined in NRS 681A.060 ; (d) Surety insurance, as that term is defined in NRS 681A.070 ; (e) Health insurance, as that term is defined in NRS 681A.030 ; or (f) Insurance for any combination of these kinds of protection. 2. Any political subdivision of the State, any agency of the State or the Nevada System of Higher Education which participates in the Public Employees Benefits Program shall obtain the approval of the Board of the Public Employees Benefits Program before it enters into a cooperative agreement for the purchase of health insurance pursuant to paragraph (e) of subsection 1. 3. Any such agreement may obligate the respective parties to pledge revenues or contribute money to secure the obligations or pay the expenses of the cooperative undertaking and may provide for the establishment of a separate entity to administer the undertaking.
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