(1) Any insurance company placed under direct supervision shall remain under direct supervision until all delinquencies are remedied, or until the commissioner deems such direct supervision no longer is necessary or desirable. During the period of direct supervision, the commissioner may appoint a supervisor other than himself to supervise the company and may provide that the company may not take any of the following actions without prior approval in writing of the commissioner or his duly appointed supervisor: (a) Dispose of, convey, or encumber any of its assets or its business in force;
Withdraw any of its bank accounts;
Lend any of its funds;
Invest any of its property;
Transfer any of its property;
Incur any debt, obligation, or liability;
Merge or consolidate with another company;(h) Enter into any new reinsurance contract or treaty.
(2) In addition to the power to require prior written approval of any of the actions set forth in subsection (1) of this section, the commissioner or the commissioner's duly appointed supervisor may take any further steps necessary to preserve, protect, and recover any assets or property of an insurance company under direct supervision.
Source: L. 69: p. 546, § 3. C.R.S. 1963: § 72-29-5. L. 92: Entire section amended, p. 1425, § 7, effective July 1.