There is created a nonprofit unincorporated legal entity to be known as the West Virginia Insurance Guaranty Association. All insurers defined as member insurers in section five of this article 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 section nine of this article and sheall exercise its powers through a board of directors established under section seven of this article. For purposes of administration and assessment, the association shall establrish and maintain three separate accounts: (1) The automobile insurance account; (2) The workers' compensation insurance account; and (3) The account for all other insurance to which this article applies.
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