Facility established.

The facility may be created by one or more life and health insurance guaranty associations for the purpose set out in section 508D.2 . The name of the facility shall be the multistate life and health insurance resolution facility. A life and health insurance guaranty association or other entity as approved by the board may elect to become a member of the association. The facility shall perform its functions under a plan of operation established and approved under section 508D.7 and shall exercise its powers through a board of directors established under section 508D.5 . Only one facility shall be established pursuant to this chapter . 94 Acts, ch 1011, §4 Referred to in §508D.3