The governing board has the power to enter into contracts and conduct business like an insurer or HMO, except it may not issue plans. It shall define the health benefit plans and medical conditions for which claims may be reinsured with the Pool in accordance with this subtitle, and take any legal action necessary or proper to recover assessments and penalties for, on behalf of, or against the Pool or reinsuring carriers or necessary to avoid the payment of improper claims against the Board.