(1) Notwithstanding any other provision of ORS 734.510 to 734.710, if an insurer assumes sole responsibility for an insurance policy that a member insurer issued and the insurer that assumes responsibility for the insurance policy is subject to liquidation, the Oregon Insurance Guaranty Association is subject under ORS 734.510 to 734.710 to a claim that arises from the insurance policy even if:
(a) The insurer that is subject to liquidation assumed sole responsibility for the insurance policy under an allocation, transfer, assumption or other operation in accordance with a law of this state that provides for dividing an insurer or allocating, transferring or assuming designated insurance policies; and
(b) A court order or novation released the member insurer from any obligation under the insurance policy.
(2) The association is not subject under ORS 734.510 to 734.710 to a claim that arises from an insurance policy if an insurer that was not a member insurer issued the insurance policy and a member insurer later assumed sole responsibility for the insurance policy under a novation or an allocation, transfer or assumption in accordance with a law of this state that provides for dividing an insurer or allocating, transferring or assuming designated insurance policies.