An insurer not in compliance with the requirements imposed by this chapter shall within thirty days notify the department. Upon being notified, or upon otherwise ascertaining noncompliance, the director or his designee shall order the insurer to make good the deficiency within thirty days, and he shall, upon failure of the insurer to do so, revoke or suspend the license of the insurer until the deficiency has been made good. However, if noncompliance results from the acquisition of the property or security through foreclosure or otherwise results from a default in a loan or other obligation and the acquisition has been rendered necessary in order to protect the investment or avoid greater loss, the director or his designee may further extend the period not to exceed one hundred eighty days if the insurer establishes that the extension is necessary, that it will not prejudice the policyholders and that the insurer has, in good faith, entered upon a course of action calculated to terminate the noncompliance on or before the expiration of the extended period.

Further, investments in real estate and mortgage loans on real estate already made and recognized as admitted assets as of December 31, 1970, are not affected by the restrictions and limitations of this chapter, and are considered as assets covering policyholder obligations and minimum capital, or guaranty fund, and surplus required by law.