58-29B-24. Authority to file petition for seizure order--Grounds.
For domestic insurers the director may file in the circuit court of Hughes County a petition for a seizure order:
(1)That there exist any grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter;
(2)That the interest of policyholders, creditors, or the public will be endangered by delay; and
(3)The contents of an order deemed necessary by the director.
Source: SL 1989, ch 436, §24.