(a) Except as provided in AS 21.27.420(d), a demand for a hearing received by the director before the effective date of an order issued or within 10 days after an order is delivered stays the effectiveness of the order pending the hearing and an order made thereon, except as to action taken or proposed under an order (1) on hearing;
(2) under and supplemental to an order on hearing; or
(3) based upon impairment of assets or unsound financial condition of an insurer.
(b) If an automatic stay is not provided for and the director after receipt of a written request for a stay fails to grant it, the person aggrieved may apply to the superior court for a stay of the director's proposed action.