Insolvency.

§ 97-135. Insolvency. A member self-insurer shall be insolvent for the purposes of this Article under any of the following circumstances: (1) Determination of insolvency by a court of competent jurisdiction. (2) Institution of bankruptcy proceedings by or regarding the member self-insurer. (3) The Board determines that the member self-insurer's total liabilities exceed its total assets or the member self-insurer is unable or ceases to pay its debts as they fall due or in the ordinary course of business. (4) A member self-insurer is deemed to be insolvent, bankrupt, or in default as defined by the terms of any security instrument created pursuant to the Association Aggregate Security System.