§ 1321. Commutation of reinsurance agreements. (a) If the
superintendent finds that a domestic insurer or a United States branch
of an alien insurer entered through this state is impaired or insolvent
within the meaning of this chapter, the superintendent may permit such
insurer to utilize commutations of reinsurance agreements to eliminate
the impairment or insolvency, provided that such commutations are
approved by the superintendent in accordance with standards prescribed
by regulation.

(b) For purposes of this section, commutation of a reinsurance
agreement is the elimination of all present and future obligations
between the parties, arising from the reinsurance agreement, in exchange
for a current consideration.

(c) Nothing herein contained shall preclude the superintendent from
proceeding against such insurer under any other provision of this
chapter.