The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following: (1) Any ground for an order of rehabilitation as specified in § 58-29B-31 , whether or not there has been a prior order directing the rehabilitation of the insurer; (2) The insurer is insolvent; or (3) The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.
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