(a) There is created a nonprofit legal entity to be known as the Hawaii life and disability insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under the plan of operation established and approved under section 431:16-210 and shall exercise its powers through a board of directors established under section 431:16-207. For purposes of administration and assessment the association shall maintain three accounts:
(1) The life insurance account;
(2) The accident and health or sickness insurance account; and
(3) The annuity account.
(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this State. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association. [L 1987, c 347, pt of §2; am L 2002, c 155, §93; am L 2012, c 250, §6]