An SPFC contract which complies with this subchapter shall be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer pursuant to § 31-502, for the benefit of the counterparty; provided, that:
(1) Credit shall be granted only to the extent of the fair value of the assets held in trust for, or irrevocable letters of credit issued by a bank chartered by the District or a member bank of the Federal Reserve System or as approved by the Commissioner, for the benefit of the counterparty under the SPFC contract;
(2) The assets are held in trust pursuant to this subchapter;
(3) The assets are administered in the manner and pursuant to arrangements as provided in this subchapter; and
(4) The assets are held or invested in one or more of the forms allowed by § 31-3932.07.