There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in Section 38-31-20(8) are 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 38-31-70 and shall exercise its powers through a board of directors established under Section 38-31-50. For purposes of administration and assessment, the association is divided into four separate accounts:
(a) the workers' compensation insurance account;
(b) the automobile insurance account;
(c) the homeowners multiple peril and farmowners multiple peril insurance account;
(d) the account for all other insurance to which this chapter applies.