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There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association.
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.
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.
For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows:
The workers' compensation insurance account; and
The account for all other insurance to which this part applies.