Creation of the Association.

There is created a nonprofit unincorporated legal entity to be known as the District of Columbia Insurance Guaranty Association. All insurers defined as member insurers in § 31-5501(9) shall be and remain members of the Association as a condition of their authority to transact insurance in the District. The Association shall perform its functions under a plan of operation established and approved under § 31-5506 and shall exercise its powers through a board of directors established under § 31-5504. For purposes of administration and assessment, the Association shall be divided into 3 separate accounts: The workmen’s compensation insurance account; The automobile insurance account; and The account for all other insurance to which this chapter applies.