(1) The Director of the Department of Consumer and Business Services may file a petition with the circuit court requesting an order that:

(a) Authorizes the director to seize all or part of the property, books, accounts and other records of a domestic insurer as well as the premises occupied by the insurer for transacting its business; and

(b) Enjoins the domestic insurer from disposing of its property and transacting business except as allowed by written consent of the director.

(2) The director must include all of the following in the petition under subsection (1) of this section:

(a) An allegation that one or more grounds exist that would justify a court order for a rehabilitation or liquidation proceeding against the insurer.

(b) An allegation that the interests of policyholders, creditors or the public will be endangered by delay.

(c) The contents of the order that the director requests the court to issue. [1989 c.425 § 10]

[1967 c.359 § 262; renumbered 734.031 in 1989]