The purpose of this chapter is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyowners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts, against failure in the performance of fair and equitable contractual obligations due to the impairment of the insurer issuing such policies or contracts. To provide this protection:
I. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages;
II. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and
III. The association is authorized to assist the commissioner, in the prescribed manner, in the detection and prevention of insurer impairments.