(1) Has ceased transacting business for a period of one year;
(2) Has commenced voluntary liquidation or dissolution, or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs, or to dissolve its corporate charter, or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any laws except the Insurance Code;
(3) Has not organized or completed its organization and obtained a certificate of authority as an insurer within the time authorized by law; or
(4) Is insolvent. [1967 c.359 §271; 1993 c.447 §97]