20-169. Supervision by director
Any other provision of law to the contrary notwithstanding, if upon examination
pursuant to this article or at any other time it appears to or is in the opinion of the
director that any insurance company is insolvent, or its condition is such as to render
the continuance of its business hazardous to the public or to holders of its policies or
certificates of insurance, or if such company appears to have exceeded its powers or has
failed to comply with the law, or if such insurance company gives its consent, the
director shall upon his determination:
1. Notify the insurance company of his determination,
2. Furnish to the insurance company a written list of the director's requirements
to abate his determination, and
3. If the director makes a further determination to supervise he shall notify the
insurance company that it is under the supervision of the department of insurance and
that the director is applying and effecting the provisions of this article. Such
insurance company shall comply with the lawful requirements of the director and if placed
under supervision shall under supervision have sixty days from the date of notice within
which to comply with the requirements of the director, subject however to the provisions
of this article. In the event of such insurance company's failure to comply within such
time, the director acting for himself, or through a conservator appointed by the director
for that purpose, shall immediately, after due and proper notice and hearing, take charge
as conservator of the insurance company and all of the property and effects thereof.
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