There is created a nonprofit unincorporated legal entity to be known as the Kansas insurance guaranty association. All insurers defined as member insurers in Kan. Stat. Ann. § 40-2903(e) shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under Kan. Stat. Ann. §§ 40-2907 and shall exercise its powers through a board of directors established under Kan. Stat. Ann. § 40-2905.