The State Board of Education has the authority to purchase and maintain insurance, on behalf of the Commissioner of Education or any person who is or was a member, officer, employee, or agent of the State Board of Education, against any liability asserted against him or her and incurred by him or her in any such capacity or arising out of his or her status as such, whether or not the State Board of Education would have the power to indemnify the individual against such liability under any other provision of law.