(1) The commissioner may petition the district court in and for the city and county of Denver for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:
Of any ground for an order of rehabilitation as specified in section 10-3-511, whetheror not there has been a prior order directing the rehabilitation of the insurer;
That the insurer is insolvent; or
That the insurer is in such condition that the further transaction of business would behazardous, financially or otherwise, to its policyholders, its creditors, or the public.
Source: L. 92: Entire part R&RE, p. 1446, § 14, effective July 1.