(1) There is hereby created a nonprofit unincorporated legal entity to be known as the Nebraska Life and Health Insurance Guaranty Association. All member insurers shall be members of the association as a condition of their authority to transact the business of insurance in this state. The association shall perform its functions under the plan of operation established and approved according to section 44-2709 and shall exercise its powers through a board of directors established pursuant to the provisions of section 44-2706. For purposes of administration and assessment, the association shall maintain three accounts: (a) A health insurance account; (b) a life insurance account; and (c) an annuity account.
(2) The association shall be under the direct supervision of the director and shall be subject to the applicable provisions of the insurance laws of this state.