(a) Notwithstanding any other provision to the contrary, local boards of education are authorized to provide group life, hospitalization, disability or medical insurance for teachers, principals and other employees.

(b) For the purpose of financing the insurance programs, the employees who choose to participate may be required to bear a percentage of the expense of the coverages by having deducted such amounts from their salary.

(c) The budget of the local board of education shall include an amount sufficient to pay the board's portion of the insurance premium.

(d) The funds provided by the board of education and the amounts, if any, deducted from the employees' salaries shall be accounted for by creating a special account within the regular school fund.

(e) The director of schools or a delegated committee of the board may prepare and present to the board for approval a contract or contracts with one (1) or more insurance companies or other corporation that may exist under title 56, chapters 27-29, authorized to do business in this state or to one (1) or more insurance trusts that have contracted with such an insurance company or companies or corporations authorized to do business in this state for a policy or policies of group insurance to provide for the payment of group life, hospitalization, disability or medical expenses for designated school board employees.

(f) Approval shall be by majority vote of the board of education and shall be executed in the name of the board of education.

(g) The contracts may from time to time be amended, modified or changed by majority vote of the board.

(h) The policy or policies shall conform to the standard provisions of group insurance policies as set forth in this code.

(i) Notwithstanding any law to the contrary, the county board of education may use the county's system of centralized purchasing to provide a life insurance plan for designated school board employees.