§ 7702. Purpose. The purpose of this article is to provide funds to
protect policy owners, insureds, health care providers, beneficiaries,
annuitants, payees and assignees of life insurance policies, health
insurance policies, annuity contracts, funding agreements and
supplemental contracts issued by life insurance companies, health
insurance companies, and property/casualty insurance companies, subject
to certain limitations, against failure in the performance of
contractual obligations due to the impairment or insolvency of the
insurer issuing such policies, contracts, or funding agreements. In the
judgment of the legislature, the foregoing objects and purposes not
being capable of accomplishment by a corporation created under general
laws, the creation of a not-for-profit corporation of insurers is
provided for by this article to enable the guarantee of payment of
benefits and of continuation of coverages, and members of the
corporation are subject to assessment to carry out the purposes of this
article.