There is created a nonprofit legal entity to be known as the West Virginia health maintenance organization guaranty association. All health maintenance organizations shall be and must remain members of the association as a condition of the continuation of their certificates of authority to transact business in this state as health maintenance organizations. The association shall perform its functions under the plan of operation to be established and approved pursuant to the provisions of section ten of this article and shall exercise its powers through a board of directors to be established and approved pursuant to the provisions of section seven of this article. The association shall come under the immediate supervision of the commissioner.
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