39-71-2602. Purpose — construction. (1) The purposes of this part are to provide a mechanism for the payment of covered workers’ compensation claims of employers bound by compensation plan No. 1 who are unable to pay the claims because of insolvency, to establish a fund from which the claims may be paid, and to establish a board to assess the cost of the protection among those employers.

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(2)This part must be liberally construed to effect its purposes. The statement of its purposes constitutes an aid and a guide to the act’s interpretation.