Association created; membership as a condition of authority to transact insurance; accounts; supervision

(1) There is created a nonprofit legal entity to be known as the South Carolina Life and Accident and Health Insurance Guaranty Association. All member insurers are and must remain members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under the plan of operation established and approved under Section 38-29-90 and shall exercise its powers through a board of directors established under Section 38-29-60. For purposes of administration and assessment, the association shall maintain three accounts: (a) the accident and health insurance account; (b) the life insurance account; and (c) the annuity account. (2) The association is under the immediate supervision of the department and is subject to the applicable insurance laws of this State.