| | | B.__The reinsurance vehicle is insolvent and the holders of | | a majority in outstanding principal amount of each class of | | special purpose reinsurance vehicle securities request or | | consent to conservation, rehabilitation or liquidation under | | this subchapter. |
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| | | 3.__Receiver.__Notwithstanding any contrary provision of this | | Title, rules adopted under this Title or any other applicable | | law, upon any order of conservation, rehabilitation or | | liquidation of the special purpose reinsurance vehicle, a | | receiver is bound to deal with the reinsurance vehicle's assets | | and liabilities in accordance with the requirements under this | | subchapter. |
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| | | 4.__Recoverable amounts.__With respect to amounts recoverable | | under a special purpose reinsurance vehicle contract, the amount | | recoverable by the receiver may not be reduced or diminished as a | | result of the entry of an order of conservation, rehabilitation | | or liquidation with respect to the ceding insurer, | | notwithstanding any provisions to the contrary in the contracts | | or other documentation governing the special purpose reinsurance | | vehicle insurance securitization. |
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| | | A.__Notwithstanding the provisions of chapter 57, an | | application or petition in any delinquency proceeding | | relating to a ceding insurer or any temporary restraining | | order or injunction issued in any such proceeding may not | | prohibit the transaction of any business by a reinsurance | | vehicle, including any payment by a reinsurance vehicle made | | pursuant to a special purpose reinsurance vehicle security | | or any action or proceeding against a reinsurance vehicle or | | its assets. |
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| | | B.__Notwithstanding the provisions of chapter 57, subchapter | | 2, the commencement of a summary proceeding or other interim | | proceeding commenced prior to a formal delinquency | | proceeding with respect to a reinsurance vehicle and any | | order issued by the court in such proceeding may not | | prohibit a reinsurance vehicle from making a payment | | pursuant to a special purpose reinsurance vehicle security | | or contract or from taking any action required to make the | | payment. |
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| | | 5.__Nonfraudulent transfer.__Notwithstanding any other | | provision of chapter 57 or other state law: |
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| | | A.__A receiver of a ceding insurer may not avoid a nonfraudulent | | transfer by a ceding insurer to a special purpose reinsurance | | vehicle of money or other property made |
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