No insurer that is subject to any delinquency proceedings, whether formal or informal shall:

1. (a) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;
2. (b) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
3. (c) be returned to the control of its shareholders or private management; or
4. (d) have any of its assets returned to the control of the shareholders or private management;

L. 1991, ch. 125, § 8; July 1.