(a) The association has, for the purposes of this section and to the extent approved by the commissioner, the general powers and authority granted under the laws of this state to insurers authorized to transact property and casualty insurance as defined in § 56-41-101.

(b) The association shall take any action to make available necessary property and casualty insurance, including, but not limited to:

(1) Assessing participating insurers amounts necessary to pay the obligations of the association, administrative expenses, the cost of examinations and other expenses authorized by this title. The assessment of each member insurer for the type of insurance designated in the plan shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year bear to the net direct written premiums of all member insurers for the preceding calendar year. However, the basis for participation shall exclude those premiums that are used for participation ratios in other existing residual market mechanisms. A member insurer may not be assessed in any one (1) year an amount greater than five percent (5%) of the member insurer's direct written premiums for the preceding calendar year. Each member insurer shall be allowed a premium tax credit at the rate of twenty percent (20%) per year for five (5) successive years following termination of the association;

(2) Entering into contracts necessary or proper to carry out the purposes of this chapter;

(3) Suing or being sued, including taking any legal action necessary to recover any assessments for, on behalf of, or against member insurers;

(4) Investigating claims brought against the association and adjusting, compromising, settling, and paying covered claims to the extent of the association's obligation and deny all other claims. The association may process claims through its employees or through one (1) or more member insurers or other persons designated as servicing facilities. Designation of a service facility is subject to approval of the commissioner;

(5) Classifying risks as may be applicable and equitable;

(6) Establishing appropriate rates, rate classifications, and rate adjustments, and filing the rates with the commissioner in accordance with this chapter;

(7) Pooling risks among member insurers;

(8) Issuing and marketing, through agents, policies of insurance providing coverage required by this chapter in its own name or on behalf of the member insurers;

(9) Administering separate pools, separate accounts, or other plans as may be deemed appropriate for separate insurers or groups of insurers;

(10) Investing, reinvesting, and administering all funds and moneys held by the association;

(11) Developing, effectuating, and promulgating any loss prevention programs intended to serve the best interests of the association and the insuring public;

(12) Operating and administering any combination of plans, pools, or other arrangements as deemed appropriate to best accomplish the fair and equitable operation of the association for the purposes of making available commercial insurance coverage; and

(13) Any other action necessary or proper to effectuate the purposes of this chapter.