(a) An order to liquidate the business of a domestic insurer shall direct the commissioner immediately to: (i) Take possession of the insurer's property; (ii) Liquidate the insurer's business; (iii) Deal with the insurer's property and business in his own name as commissioner of insurance or in the insurer's name, as the court directs; and (iv) Give notice to all creditors with claims against the insurer to present those claims. (b) The commissioner may apply for and secure an order dissolving the corporate existence of a domestic insurer upon his application for an order of that insurer's liquidation or at any time after the order is granted.
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