Prohibition against guaranteeing obligations executed by others -- Exceptions

Exceptions. An insurer shall not in any manner guarantee the payment of the principal or the interest of bonds or other obligations executed by others, other than (a) in connection with the handling of litigation relating to losses or claims involving the insurer, its insureds, its agents or its attorneys, or (b) in connection with the settlement of such losses or claims, or (c) in the event such guarantee is specifically approved by the commissioner.