Creation of the association

There is created a nonprofit unincorporated legal entity to be known as the Kentucky Insurance Guaranty Association. All insurers defined as member insurers in KRS 304.36- 050 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under KRS 304.36-090 and shall exercise its powers through a board of directors established under KRS 304.36-070.