The provisions of this article shall apply to any mortgage insurer:

1. (a) The property, business and assets of which are in possession of the commissioner;
2. (b) Which is no longer able to conduct the normal business of a mortgage insurer;
3. (c) Which is unable to discharge its debts or other obligations as they become due;
4. (d) Which is in such condition that unless such insurer is liquidated or a plan of reorganization consummated a preference is likely to be obtained by some holders of mortgage participation certificates over other such holders, or by some creditors over other creditors of the same class;

5. (e) Which is in such condition that it will probably be necessary, unless a plan of reorganization is consummated, to liquidate such insurer or to sell or otherwise dispose of a substantial part of its assets at substantially less than the amount which might reasonably be expected to be realized therefrom in the ordinary and proper conduct of a going business.

   The determination of the commissioner that a mortgage insurer is included in one or more of the foregoing classifications shall be prima facie evidence of such fact.