§ 7609. Rights of funds against insolvent insurers. (a) The
commissioner as custodian of each of the funds shall be entitled to a
valid claim against an insurer which becomes insolvent or unable to meet
its insurance obligations, or its liquidator, rehabilitator,
conservator, receiver, or trustee in bankruptcy, in an amount equal to
the liabilities, including loss adjustment expenses relating to such
liabilities, of the insurer paid from the fund less the net payments
paid into the fund by such insurer.

(b) All moneys recovered through the prosecution of claims in the
liquidation, rehabilitation or conservation proceeding shall be
forthwith placed to the credit of the appropriate fund by the
commissioner.