(a) Each board of trustees may carry comprehensive liability insurance to protect the board, its agents and employees, and the agents and employees of any community college under its jurisdiction. The purchase of the insurance is for an educational purpose and is a valid educational expense.

(b) The Commission may adopt standards for the policies, including a minimum liability coverage which may not be less than $100,000 per occurrence. Any policy purchased after the adoption of these standards shall conform to them.

(c) Each board of trustees complies with this section if it is self-insured, for at least $100,000 and not more than $500,000 per occurrence, under the rules and regulations of the State Insurance Commissioner.

(d) This section does not prevent any board of trustees, on its own behalf, from raising the defense of sovereign immunity described under § 5-519 of the Courts Article.