(2) The receiver of an insolvent insurer shall be bound by settlements of covered claims by the association or a similar organization in another state, subject to the approval of the court having jurisdiction of the receivership. The court having jurisdiction shall grant such claims priority equal to that to which the claimant would have been entitled, in the absence of this article, against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the receiver's expenses.
(3) The association shall periodically file with the receiver of the insolvent insurer statements of the covered claims paid by the association and estimates of anticipated claims against the association which shall preserve the rights of the association against the assets of the insolvent insurer.
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