A SPFC contract meeting the provisions of this article must 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 a SPFC as an assuming insurer pursuant to the provisions of Section 38-9-210 for the benefit of the counterparty, provided and only to the extent:
(1) of the fair value of the assets held in trust for, or irrevocable letters of credit issued by a bank chartered by this State or a member bank of the Federal Reserve System or as approved by the director, for the benefit of the counterparty under the SPFC contract;
(2) the assets are held in trust pursuant to the provisions of this article;
(3) the assets are administered in the manner and pursuant to arrangements as provided in this article; and
(4) the assets are held or invested in one or more of the forms allowed in Section 38-90-530.