(a) A contested case brought by a third party based on a decision of the SAM pursuant to this subchapter is governed by applicable law of the Territory except that the third party shall:
(1) prove its case by a clear and convincing evidence standard;
(2) demonstrate irreparable harm to the SPFC or its counterparty, or both;
(3) show that there is no other adequate remedy at law; and
(4) post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders, but it may not be less than fifteen percent of the total amount of the securitized transaction.
(b) If the SAM reverses, amends, or modifies a license previously issued to an SPFC or an order made in connection with a license previously issued to an SPFC, the action must comply with the standards and criteria provided in subsection (a), unless the action in reversing, amending, or modifying the license is in conformance with the provisions of section 19.
(c) A creditor of a policyholder or a participant of a captive insurance company or segregated account, and a creditor of an affiliated person of any such insurance company or segregated account, may not set aside a transfer of funds by a policyholder or participant to the insurance company in payment of one or more premiums charged on a contract of insurance or participant contract issued by such company or segregated account, unless:
(1) It is determined, in a final order of the Superior Court, that the payment of the premiums constitutes a fraudulent transfer with respect to such creditor under the laws of the Territory; and
(2) Except in cases in which actual fraudulent intent is shown in a hearing before the Superior Court, only to the extent, if any, the amount of such payment is determined by the Superior Court to exceed the market value of the insurance protection afforded to the policyholder or participant under such contract, as at the time of its issuance.
(d) A policy of insurance or participant contract issued by a captive insurance company or segregated account, which policy or contract is expressly stated to be nonassignable:
(1) is void in the event of an attempted assignment; and
(2) is unenforceable by any person other than the original policyholder or contract participant and his, her or its transferees by operation of the law of the Territory and legal representatives.
(e) For the purposes of this section, transferees by operation of the law of the Territory and legal representatives do not include successors by merger or consolidation, successors to a policyholder or participant following a change in control of the policyholder or participant, or trustees in bankruptcy, receivers, liquidators, creditors or committees of creditors.
(f) For purposes of this section, creditor includes a person to whom an obligation is owed and any person who alleges or pursues a claim or cause of action on behalf of or in the name of a creditor.
(g) Where a captive insurance company has purchased reinsurance on any of its obligations under a contract of insurance, the proceeds of the reinsurance must be held or applied to provide [sic]