(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 1708¹ and shall exercise its powers through a board of directors established under section 1705.² For purposes of administration and assessment the association shall maintain two accounts:

(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.