WAC 284-13-538. Specific securities provided to a ceding insurer

A specific security provided to a ceding insurer by an assuming insurer under WAC 284-13-540 must be applied, until exhausted, to the payment of liabilities of the assuming insurer to the ceding insurer holding the specific security prior to, and as a condition precedent for, presentation of a claim by the ceding insurer for payment by a trustee of a trust established by the assuming insurer under WAC 284-13-520 through 284-13-538.