Insolvency Proceedings

In the event a captive insurance company is declared insolvent by its board of directors or by the Commissioner or is placed in receivership for rehabilitation or liquidation any reinsurance due or becoming due and payable by the reinsurer shall be paid without diminution directly to the ceding company, or to the Commissioner or to the court-appointed receiver or liquidator. This provision shall be deemed to be incorporated in any contract of reinsurance for any risks insured in Guam.