(1) There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association.
(2) All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state.
(3) The association shall perform its functions under a plan of operation established and approved under § 56-12-109 and shall exercise its powers through a board of directors established under § 56-12-107.
(4) For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows: The workers' compensation insurance account; and
(5) The account for all other insurance to which this part applies.