Section 56-12-205 - Creation of association - Accounts(a) There is created a nonprofit legal entity to be known as the Tennessee life and health insurance guaranty association. All member insurers are and shall remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its function under the plan of operation established and approved pursuant to § 56-12-209, and shall exercise its powers through a board of directors established by § 56-12-206. For purposes of administration and assessment, the association shall maintain two (2) accounts: (1) The life insurance and annuity account, which includes the following subaccounts: (A) Life insurance account; and(B) Annuity account, excluding unallocated annuities; and(b) The association is under the immediate supervision of the commissioner and subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened upon majority vote of the board of directors of the association.Amended by 2019 Tenn. Acts, ch. 5,s 4, eff. 7/1/2019.Acts 1988, ch. 1032, § 5; 2010, ch. 713, § 3.