Creation of the association

(1) (a) The Utah Property and Casualty Insurance Guaranty Association shall continue as a nonprofit legal entity. (b) All member insurers of the association are, and remain, members of the association as a condition of their authority to transact insurance business in this state. (c) The association shall: (i) perform its functions under the plan of operation established and approved under Section 31A-28-209; and (ii) exercise its powers through a board of directors established under Section 31A-28-206. (d) For the purposes of administration and assessment, the association shall maintain an account known as the Property and Casualty Insurance Guaranty Association Account. (e) (i) If as of May 6, 2002, the association has more than one account, the association shall consolidate all accounts into the Property and Casualty Insurance Guaranty Association Account. (ii) The Property and Casualty Insurance Guaranty Association Account: (A) succeeds to all funds held by the association in an account existing on May 6, 2002; and (B) is subject to any liability or obligation attributable to an account of the association existing on May 6, 2002. (2) (a) An insurer shall cease to be a member insurer on the day following the termination or expiration of the insurer's license to transact the kinds of insurance to which this part applies. (b) Notwithstanding Subsection (2)(a), the insurer shall remain liable as a member insurer for all obligations, including assessments levied: (i) before the termination or expiration of the insurer's license; and (ii) after the termination or expiration of the insurer's license but that relate to an insurer that became an insolvent insurer before the termination or expiration of the insurer's license. (3) Meetings or records of the association shall be open to the public upon a majority vote of the board of directors of the association. (4) The association is not an agency of the state.