Authority to file petition for seizure order--Grounds

For domestic insurers the director may file in the circuit court of Hughes County a petition for a seizure order: (1) That there exist any grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter; (2) That the interest of policyholders, creditors, or the public will be endangered by delay; and (3) The contents of an order deemed necessary by the director. Source: SL 1989, ch 436 , § 24.