Creation of the Association.

There is created a nonprofit legal entity to be known as the District of Columbia Life and Health Insurance Guaranty Association. All member insurers shall be and shall continually remain members of the Association as a condition of their authority to transact insurance business in the District of Columbia. The Association shall perform its functions under the plan of operation established and approved under § 31-5407 and shall exercise its powers through a board of directors established under § 31-5404. For purposes of administration and assessment the Association shall maintain 2 accounts: The life insurance and annuity account which shall include the following subaccounts: Life insurance account; and Annuity account; and The health insurance account. The Association shall come under the immediate supervision of the Mayor and shall be subject to the applicable provisions of the insurance laws of the District of Columbia.