There is created a nonprofit unincorporated legal entity to be known as the Virgin Islands Insurance Guaranty Association. All insurers defined as member insurers by subsection (e) of section 234 of this title shall be and remain members of the Association as a condition of their authority to transact insurance in this territory. The Association shall perform its functions under a plan of operation established and approved pursuant to section 238 of this title and shall exercise its powers through a board of directors established pursuant to section 236 of this title.