(a) The guaranty fund is a party in interest in a proceeding involving a workers' compensation claim against an insolvent group whose compensation obligations have been paid or assumed by the guaranty fund.
(b) The guaranty fund has the same rights and defenses as the insolvent group, including the right to:
(1) appear, defend, or appeal a claim;
(2) receive notice of, investigate, adjust, compromise, settle, or pay a claim; and
(3) investigate, handle, or deny a claim.