(2)__The provisions to be included in the trust agreement described in paragraph E pursuant to this paragraph may instead be included in the underlying contract.

M.__A special purpose reinsurance vehicle contract must contain provisions that:

(1)__Require the reinsurance vehicle to enter into a trust agreement described in paragraph E and to establish a trust account referred to in paragraph E for the benefit of the ceding insurer and specifying what recoverables or reserves or both the trust agreement is to cover;

(2)__Stipulate that assets deposited in the trust account be valued according to their current fair value and may consist only of permitted investments;

(3)__Require the reinsurance vehicle, before depositing assets with the trustee, to execute assignments or endorsements in blank or to transfer legal title to the trustee of all shares, obligations or any other assets requiring assignments in order that the ceding insurer or the trustee upon the direction of the ceding insurer may whenever necessary negotiate any such assets without consent or signature from the reinsurance vehicle or any other entity;

(4)__Require that all settlements of account between the ceding insurer and the reinsurance vehicle be made in cash or its equivalent; and

(5)__Stipulate that the reinsurance vehicle and the ceding insurer agree that the assets in the trust account referred to in paragraph E and established pursuant to the provisions of the contract may be withdrawn by the ceding insurer at any time notwithstanding any other provisions in the contract and must be used and applied by the ceding insurer or any successor by operation of law of the ceding insurer, including, but not limited to, and subject to the provisions of section 793, any liquidator, rehabilitator, receiver or conservator of the ceding insurer, without diminution because of insolvency on the part of the ceding insurer or the reinsurance vehicle, only for the following purposes: