Which one of the following statements regarding the Michigan Life and Health Insurance Guaranty Association is false?

A

If a member insurer becomes impaired or insolvent, an assessment will be made against the other members to provide money for the claims of the insolvent insurer

B

The association's liability for one life, regardless of the number of policies written is $$500,000$ in death benefits and $$250,000$ in net cash surrender and withdrawal values

C

All insurers authorized to transact life and health insurance in Michigan are required to be members

D

It provides protection to policyowners and beneficiaries in the event of insurer impairment or insolvency