“Assumed claims transaction” defined.
Assumed claims transaction includes:
A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy.
An assumption reinsurance transaction in which:
The insolvent insurer assumed, before the entry of a final order of liquidation, the claim or policy obligations of another insurer or entity obligated under a claim or policy;
The assumption of the claim or policy obligations has been approved by the Commissioner, if such approval is required; and
As a result of the assumption, the claim or policy obligation became the direct obligation of the insolvent insurer through a novation of the claim or policy.