Section: Classification and arrangement; effect on construction
5. a. There is created a nonprofit legal entity to be known as the New Jersey Life and Health 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. Any member insurer shall remain a member insurer for four years after it ceases to hold a certificate of authority or license. The association shall perform its functions under the plan of operation established and approved pursuant to section 9 of this act and shall exercise its powers through the board of directors established under section 6 of this act. The association shall be 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.
b. For purposes of administration and assessment the association shall maintain two accounts:
(1) The life insurance and annuity account which shall include the following subaccounts:
(a) life insurance subaccount;
(b) annuity subaccount; and
(c) unallocated annuity subaccount.
(2) The health insurance account.
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