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.