(a) Except as otherwise provided in this section, the terms and conditions set forth in Chapter 32 and Article 2, commencing with Section 27-2-50, of Chapter 2, pertaining to rehabilitation, reorganization, conservation, and liquidation of insurers, shall apply in full to captive insurance companies formed or licensed under this chapter.
(b) In the event of an action described in subsection (a) against a protected cell captive insurance company, both of the following shall apply:
(1) The assets of a protected cell may not be used to pay any expenses or claims other than those attributable to the protected cell.
(2) Its capital and surplus shall at all times be available to pay any expenses of or claims against the protected cell captive insurance company.
(c) Notwithstanding the provisions of this title, in the event of an insolvency of a protected cell captive insurance company where the commissioner determines that one or more protected cells remain solvent, the commissioner may separate those cells from the protected cell captive insurance company, and may allow, on application from the sponsor, for the conversion of the protected cells into one or more new or existing captive insurance companies, pursuant to a plan of operation as the commissioner deems acceptable.