THE PURPOSES OF THE ALASKA INSURANCE GUARANTY ASSOCIATION ARE TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES TO AVOID EXCESSIVE DELAY IN PAYMENT AND, TO THE EXTENT PROVIDED UNDER THE ALASKA INSURANCE GUARANTY ACT, TO MINIMIZE FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE COST OF THIS PROTECTION AMONG INSURERS.