Upon a finding by the Commissioner that the interests of members would be best served by the establishment of a Health Maintenance Organization Guaranty Association, the Commissioner shall order all organizations holding a certificate of authority under chapter 139 of this title to establish a nonprofit legal entity to be known as the Vermont Health Maintenance Organization Guaranty Association. All member organizations shall be and must remain members of the Association as a condition of the authority to transact business in this State. The Association shall perform its functions under the plan of operation approved by the Commissioner and shall exercise its powers through a Board of Directors. For purposes of administration and assessment, the Association must maintain the Vermont Health Maintenance Organization Guaranty Association Fund. The Association shall be supervised by the Commissioner and is subject to the provisions of this subchapter and the provisions of subchapter 1 of this chapter as further set forth in section 4185 of this title. (Added 1993, No. 30, § 15, eff. May 21, 1993.)