(a) The Jockey Fund shall use the moneys paid to it under this part to:
(1) get workers’ compensation insurance for jockeys; and
(2) administer the workers’ compensation program for jockeys that is required under this subtitle and the Maryland Workers’ Compensation Act.
(b) The liability of the Jockey Fund under the Maryland Workers’ Compensation Act is limited to:
(1) providing workers’ compensation insurance; and
(2) paying any penalty that results from a failure to provide the insurance.