(1) If a domiciliary liquidator has not been appointed, the commissioner may apply to the district court in and for the city and county of Denver by verified petition for an order directing the commissioner to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one or more of the following grounds:
Any of the grounds set forth in section 10-3-511;
That any of the insurer's property has been sequestered by official action in its domiciliary state or in any other state;
That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;
That its certificate of authority to do business in this state has been revoked or thatnone was ever issued and that there are residents of this state with outstanding claims or outstanding policies.
When an order is sought under subsection (1) of this section, the court shall cause theinsurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
The court may issue the order in whatever terms it deems appropriate. The filing orrecording of the order with the clerk of the said court or with the recorder of deeds of the county in which the principal business of the company is located shall impart the same notice as would be imparted by a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds.
The conservator may at any time petition for, and the court may grant, an order undersection 10-3-550 to liquidate assets of a foreign or alien insurer under conservation, or, if appropriate, for appointment as ancillary receiver under section 10-3-552.
The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party. If such motion by any person other than the conservator is denied, all costs of such motion shall be assessed against the movant.
Source: L. 92: Entire part R&RE, p. 1478, § 14, effective July 1.