(a) A guaranty fund deposit shall be terminated only upon the existence of any of the following conditions:
(1) upon termination of all liabilities of the insurer, other than through reinsurance, under all guaranties or insurances of titles made, issued, or assumed by it; or
(2) upon reinsurance of all such liabilities of the insurer, with the Commissioner's approval, in another insurer holding a certificate of authority as a title insurer in this territory.
(b) For the purposes of this section only, all liability of the insurer with regard to a title guaranteed or insured by it shall be deemed terminated upon the expiration of 21 years from the date of the guaranty or insurance, unless prior thereto a claim of loss has been made with reference thereto and settlement of such loss then remains pending.