(1) The agency shall continue until terminated by law; provided, that no such law shall take effect so long as the agency has commitments to insure mortgages, contracts of mortgage insurance, or other obligations outstanding, unless adequate provision has been made for the administration thereof, including the payment of claims.
(2) Should the agency be unable to pay, for a period of one hundred twenty (120) days, a claim arising under a contract of mortgage insurance, the state shall make adequate provision for the payment of such claims.
(3) Upon termination of the existence of the agency, all rights and properties shall pass to and be vested in the state.