There is created a nonprofit corporation to be known as the “Alabama Workmen’s Compensation Self-Insurers Guaranty Association, Incorporated,” hereinafter referred to as “the association.” The purpose of the association shall be to create and fund an insolvency fund to assure payment of workmen’s compensation claims due from self-insuring employers who are members of the association and who become insolvent. The association shall have those powers granted or permitted nonprofit corporations, as provided in Title 10. In addition, the corporation shall have the power to borrow funds as necessary to carry out its purposes, and to purchase such insurance and reinsurance as is deemed necessary.