The commissioner may apply for an order appointing the commissioner as rehabilitator or liquidator to rehabilitate or liquidate a health maintenance organization:

1. (1) upon at least one (1) of the grounds set forth in IC 27-9-3-1 or IC 27-9-3-6 ; or
2. (2) when, in the commissioner's opinion, the continued operation of the health maintenance organization would be hazardous to the enrollees of the organization or the people of Indiana.

As added by P.L.26-1994, SEC.25.