(a) In this section, “commissioner” means the insurance commissioner or other chief insurance regulatory official with principal regulatory oversight over the trust.
(b) If the assuming insurer does not meet the requirements of § 493.102(a)(1) or (2), the credit permitted by § 493.102(a)(3) or (4) may not be allowed unless the assuming insurer agrees in the trust agreement that:
(1) notwithstanding any other provisions in the trust agreement, the trustee shall comply with an order of the commissioner or a court ordering the trustee to transfer to the commissioner all assets of the trust fund if:
(A) the trust fund is inadequate because the trust fund contains an amount that is less than the amount required by this subchapter; or
(B) the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, or liquidation or a similar proceeding under the laws of the grantor’s domiciliary state or country;
(2) claims in a proceeding described by Subdivision (1)(B) must be filed with the commissioner;
(3) the commissioner shall value the claims described by Subdivision (2) and distribute the assets of the trust under the laws of the trust’s domiciliary state applicable to the liquidation of a domestic insurance company;
(4) if the commissioner determines that all or part of the trust assets are unnecessary to satisfy the claims of the grantor’s ceding insurers domiciled in the United States, the commissioner shall return those unnecessary assets to the trustee for distribution in accordance with the trust agreement; and
(5) the grantor waives any right available under federal or state law that is inconsistent with this section.