Petition for liquidation--Grounds

The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following: (1) Any ground for an order of rehabilitation as specified in § 58-29B-31 , whether or not there has been a prior order directing the rehabilitation of the insurer; (2) The insurer is insolvent; or (3) The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public. Source: SL 1989, ch 436 , § 41.