Section 991.1704 - Creation of association(a) There is hereby created a nonprofit, unincorporated association to be known as the Pennsylvania Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their license or authority to transact insurance, RANLI PPO business, hospital plan corporation business, professional health services plan corporation business or health maintenance organization business in this Commonwealth. The association shall perform its functions under the plan of operation established and approved under section 1708 and shall exercise its powers through a board of directors established under section 1705. For purposes of administration and assessment the association shall maintain two accounts:(1) The life insurance and annuity account which includes the following subaccounts: (i) Life insurance account.(ii) Annuity account, which shall include annuity contracts owned by a governmental retirement plan or its trustee established under section 401, 403(b) or 457 of the Internal Revenue Code of 1986, but shall otherwise exclude unallocated annuities.(iii) Unallocated annuity account which shall exclude contracts owned by a governmental retirement benefit plan or its trustee under section 401, 403(b) or 457 of the Internal Revenue Code of 1986.(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 Commonwealth. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.Amended by P.L. TBD 2020 No. 113, § 1.2, eff. 11/3/2020.1921, May 17, P.L. 682, No. 284, art. XVII, § 1704, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, imd. effective.