A member self-insurer shall be insolvent for the purposes of this Article under any
of the following circumstances:
(1) Determination of insolvency by a court of competent jurisdiction.
(2) Institution of bankruptcy proceedings by or regarding the member self-insurer.
(3) The Board determines that the member self-insurer's total liabilities exceed its
total assets or the member self-insurer is unable or ceases to pay its debts as they
fall due or in the ordinary course of business.
(4) A member self-insurer is deemed to be insolvent, bankrupt, or in default as defined
by the terms of any security instrument created pursuant to the Association Aggregate
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