(1) This chapter continues the existence of the nonprofit legal entity known as the Idaho life and health insurance guaranty association. All member insurers 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 the plan of operation established and approved under section 41-4310 , Idaho Code, and shall exercise its powers through a board of directors provided for under section 41-4307 , Idaho Code. For purposes of administration and assessment, the association shall continue the existence and maintenance of three (3) accounts: (a) Life insurance account; (b) Health insurance account, formerly designated the "disability insurance account"; and (c) Annuity account. (2) The association shall come under the immediate supervision of the director and shall be subject to the applicable provisions of the insurance laws of this state.
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