A credit for reinsurance ceded under Section 31A-17-404 or 31A-17-404.1 is not allowed unless, in addition to meeting the requirements of Section 31A-17-404 or 31A-17-404.1, the reinsurance agreement provides in substance that if the ceding insurer is insolvent, the reinsurance is payable by the assuming insurer: on the basis of the liability of the ceding insurer under the contract or contracts reinsured; without diminution because of the insolvency of the ceding insurer; and directly to the ceding insurer or to its domiciliary liquidator or receiver.