THE PURPOSE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES, TO AVOID EXCESSIVE DELAY IN PAYMENT, AND TO AVOID FINANCIAL LOSS TO CLAIMANTS OF POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE LOSS OF SUCH PROTECTION AMONG INSURERS.