§ 7609 — Rights of funds against insolvent insurers

§ 7609. Rights of funds against insolvent insurers. (a) The\ncommissioner as custodian of each of the funds shall be entitled to a\nvalid claim against an insurer which becomes insolvent or unable to meet\nits insurance obligations, or its liquidator, rehabilitator,\nconservator, receiver, or trustee in bankruptcy, in an amount equal to\nthe liabilities, including loss adjustment expenses relating to such\nliabilities, of the insurer paid from the fund less the net payments\npaid into the fund by such insurer.\n (b) All moneys recovered through the prosecution of claims in the\nliquidation, rehabilitation or conservation proceeding shall be\nforthwith placed to the credit of the appropriate fund by the\ncommissioner.\n