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  5. 656 F.2d 491 (1981)
 

EXCESS & CAS. REINSURANCE ASS'N v. INSURANCE COM'R, ETC.

Nos. 79-3315, 79-3321.

656 F.2d 491 (1981)

EXCESS AND CASUALTY REINSURANCE ASSOCIATION, Plaintiff-Appellee, v. INSURANCE COMMISSIONER OF the STATE OF CALIFORNIA, as liquidator of Signal Insurance Company and Imperial Insurance Company, Defendant-Appellee, and Insurance Department of the State of Florida, as ancillary receiver of Signal Insurance Company and Imperial Insurance Company; Florida Insurance Guaranty Association, Incorporated, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided September 14, 1981.

Attorney(s) appearing for the Case

Klinger & Leevan, Los Angeles, Cal., for defendants-appellants.

Mark E. Field, Los Angeles, Cal., for plaintiff-appellee.

Edmond B. Mamer, Dep. Atty. Gen., Los Angeles, Cal., for Insurance Commissioner of California.

John M. McNatt, Jr., and Paul S. Leevan, Mathews, Osborne, Enrlich, McNatt, Gobleman & Cobb, Jacksonville, Fla., for Florida Insurance Guaranty.

Charles W. Havens, III, Washington, D.C., for Reinsurance Assn. of America.

Peter M. Appleton, Tyre & Kamins, Los Angeles, Cal., for the State of Florida.

Wayne D. Wilson, Wilson, Elser, Edelman & Dicker, Los Angeles, Cal., for Dep. Atty. Gen. for State of Nevada.

Kenneth W. Clausen, Los Angeles, Cal., for Calif. Insurance Guaranty Assn.

Before TUTTLE, CHOY and KENNEDY, Circuit Judges.

CHOY, Circuit Judge:

This case, which is one of first impression in this circuit, calls upon us to determine who should receive reinsurance proceeds upon the insolvency of a reinsured company. We affirm the judgment below, which found that the statutory receiver was the appropriate recipient of such proceeds.

I. Introduction

Reinsurance1 is a special form of insurance obtained by insurance companies to help spread...

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