(a) If a title insurance company becomes insolvent, or is in the process of liquidation or dissolution, or in the possession of the Insurance Commissioner:

(b) In the event that reinsurance is unavailable, the unearned premium reserve and assets constituting minimum capital, or so much as remains thereof after outstanding claims have been paid, shall constitute a trust fund to be held by the commissioner for twenty years, out of which claims of policyholders shall be paid as they arise. The balance, if any, of such fund shall, at expiration of twenty years, revert to the general assets of the title insurance company, after reasonable charges for administration of the fund have been charged against the balance by the commissioner.

(c) The commissioner shall also have the authority to enter into a contract with one or more title insurance companies to reinsure all the obligations under outstanding policies of such title insurance company in accordance with their terms, covenants and conditions, the cost of said reinsurance to be paid out of the assets of such title insurance company.