Creation of association--Membership--Exercise of powers

There is created a nonprofit unincorporated legal entity to be known as the South Dakota Insurance Guaranty Association. Any insurer defined as a member insurer in subdivision 58-29A-55(9) is a member of the association as a condition of its authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under §§ 58-29A-83 to 58-29A-87 , inclusive, and shall exercise its powers through a board of directors established under §§ 58-29A-57 and