If a member insurer is an impaired insurer, the Arkansas Life and Health Insurance Guaranty Association, in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the Insurance Commissioner, may:
(1) Guarantee, assume, reissue, or reinsure, or cause to be guaranteed, assumed, reissued, or reinsured, any or all of the policies or contracts of the impaired insurer; or
(2) Provide the moneys, pledges, loans, notes, guarantees, or other means as are proper to effectuate subdivision (1) of this section and assure payment of the contractual obligations of the impaired insurer pending action under subdivision (1) of this section.