Creation of association

(a) There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association. (b) All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. (c) The association shall perform its functions under a plan of operation established and approved under § 56-12-109 and shall exercise its powers through a board of directors established under § 56-12-107 . (d) For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows: (1) The workers' compensation insurance account; and (2) The account for all other insurance to which this part applies. Acts 1971, ch. 180, § 5; T.C.A., § 56-4005. (a) There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association. (b) All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. (c) The association shall perform its functions under a plan of operation established and approved under § 56-12-109 and shall exercise its powers through a board of directors established under § 56-12-107 . (d) For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows: (1) The workers' compensation insurance account; and (2) The account for all other insurance to which this part applies. (1) The workers' compensation insurance account; and (2) The account for all other insurance to which this part applies. Acts 1971, ch. 180, § 5; T.C.A., § 56-4005.