Section 38-27-360 - Grounds for liquidationThe director or his designee may petition the circuit court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:
(1) of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer;(2) that the insurer is insolvent; or(3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.1993 Act No. 181, Section 615; Former 1976 Code Section 38-5-2060 [1982 Act No. 384, Section 17] recodified as Section 38-27-360 by 1987 Act No. 155, Section 1.