(a) There is created a nonprofit unincorporated legal entity to be known as the Wyoming Insurance Guaranty Association.
(b) All member insurers as defined in this chapter are members of the association as a condition of their authority to transact insurance in this state.
(c) The association shall:
(i) Perform its functions under a plan of operation established and approved under W.S. 26-31-108; and (ii) Exercise its powers through a board of directors established under W.S. 26-31-105.