A local unit may provide for the payment of workers’ compensation under the provisions of chapter 15 of Title 34 of the Revised Statutes (Labor and Workmen’s Compensation, R.S. 34:15-1, et seq.) by:

a. The creation of a workers’ compensation fund as hereinafter provided; or

b. The placing of workers’ compensation insurance with any insurance company authorized to do business in New Jersey; or

c. Paying workers’ compensation in the same manner as provided by law.

L.1979, c. 230, s. 1, eff. Oct. 15, 1979.