If a member insurer is an insolvent insurer, the Association shall:
1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, assumed, reissued or reinsured, the policies or contracts of the insolvent insurer; or
2. Ensure payment of the contractual obligations of the insolvent insurer and:
(a) Provide such money, pledges, loans, notes, guarantees or other means as are reasonably necessary to discharge its duties; or
(b) Provide benefits and coverages in accordance with NRS 686C.153 and 686C.154.