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(1) The purpose of this part is to protect, subject to certain limitations, the persons specified in Subsections 31A-28-103(1) through (5) against failure in the performance of contractual obligations, under a life insurance, accident and health insurance, or annuity policy or contract specified in Subsections 31A-28-103(6) and (7), because of the impairment or insolvency of the member insurer that issued the policy or contract.
(2) To provide the protection described in Subsection (1):
(a) the Utah Life and Health Insurance Guaranty Association, which currently exists, is continued to pay benefits and to continue coverages as limited by this part; and
(b) members of the association are subject to assessment to provide funds to carry out the purpose of this part.