The director or his designee may petition the circuit court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:

1. (1) of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer;
2. (2) that the insurer is insolvent; or
3. (3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

HISTORY: Former 1976 Code SECTION 38-5-2060 [1982 Act No. 384, SECTION 17] recodified as SECTION 38-27-360 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 615.