Delinquency proceedings sole and exclusive remedy--Commencement of proceedings by director

Delinquency proceedings pursuant to this chapter shall constitute the sole and exclusive method of liquidating, rehabilitating, reorganizing, or conserving an insurer, and no court may entertain a petition for the commencement of such proceedings, or any other similar procedure, unless it has been filed in the name of the state on the relation of the director. Source: SL 1989, ch 436 , § 4.