a. It is in the public interest to authorize the transfer and consolidation of compatible operations of “the workers’ compensation security fund” to the New Jersey Property-Liability Insurance Guaranty Association.

b. Following the transfer to the New Jersey Property-Liability Insurance Guaranty Association of its respective management, administrative and claim functions, “the workers’ compensation security fund” shall continue to exist as a separate legal entity subject to the provisions of P.L.2009, c.327 (C. 34:15-105.1 et al.).

c. The New Jersey Property-Liability Insurance Guaranty Association will administer the obligations of “the workers’ compensation security fund” pursuant to R.S.34:15-105 et seq., and take over all governance, administrative and financial functions of “the workers’ compensation security fund,” including the claim payment function.

d. The New Jersey Property-Liability Insurance Guaranty Association is formally designated as the servicing facility for several statutory entities for which it currently provides administrative services and also for “the workers’ compensation security fund.”

L.2009, c.327, s.7.