(a) The purpose for which the Authority is created, and the exercise of all powers and duties of the Authority, are a public purpose. The Authority is exempt from the payment of any taxes or assessments on any of the property acquired or to be acquired by it, or on its operations or activities, or on the income derived from any of its operations, or activities with the exception of premium taxes which it shall pay pursuant to section 603 of chapter 25 of this title.
(b) The Authority shall participate in the Virgin Islands Insurance Guaranty Association, and is a “member insurer” as that term is used in chapter 10 of this title.