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56-12-105. Creation of association. -

(a) There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association.

(b) All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state.

(c) The association shall perform its functions under a plan of operation established and approved under 56-12-109 and shall exercise its powers through a board of directors established under 56-12-107.

(d) For purposes of assessment, and the maintenance of records, the association shall be divided into two ( 2 ) separate accounts as follows:

  1. The workers' compensation insurance account; and

  2. The account for all other insurance to which this part applies.

[Acts 1971, ch. 180, 5; T.C.A. 56-4005.]

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