C. Loan money to the impaired insurer.

3. Domestic impaired insurer under final order of liquidation or rehabilitation; association action. If a domestic insurer is an impaired insurer under a final order of liquidation or rehabilitation, the association shall, subject to the approval of the superintendent:

A. Guarantee, assume or reinsure or cause to be guaranteed, assumed or reinsured the covered policies of the impaired insurer;

B. Assure payment of the appropriate contractual obligations of the impaired insurer; and

C. Provide such moneys, pledges, notes, guarantees or other means as are reasonably necessary to discharge these duties. If the association fails to act within a reasonable period of time, the superintendent shall have the powers and duties of the association under this chapter with respect to the domestic impaired insurer.

3-A.__Impaired and insolvent insurer; association action.__If a member insurer is an insolvent insurer, the association may, in its discretion, either:

A. Take the following actions:

(1) Guarantee, assume or reinsure or cause to be guaranteed, assumed or reinsured the policies or contracts of the insolvent insurer, or assure payment of the contractual obligations of the insolvent insurer; and

(2) Provide money, pledges, loans, notes, guarantees or other means reasonably necessary to discharge the association's duties; or

B. Provide benefits and coverages in accordance with this paragraph.

(1)__With respect to life and health insurance policies and annuities, the association shall assure payment of benefits for premiums identical to the premiums and benefits, except for terms of conversion and renewability, that would have been payable under the