(a) Unless the ceding insurer releases the manager in writing from the manager’s obligations under this section, a manager who places reinsurance on behalf of an authorized ceding insurer with a reinsurer that is not authorized, accredited, or trusteed in this state under Chapter 493 shall:
(1) exercise due diligence in inquiring into the financial condition of the reinsurer;
(2) disclose to the ceding insurer the manager’s findings in connection with the inquiry under Subdivision (1); and
(3) make available to the ceding insurer a copy of the current financial statement of the reinsurer.
(b) A ceding insurer that releases a manager from the manager’s obligations under Subsection (a) assumes those obligations.