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