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.