1. If the Commissioner determines that an insurer is not in compliance with NRS 682A.502 and 682A.504, the Commissioner shall require the insurer to eliminate the condition causing the noncompliance within a specified time after the date on which the notice of the Commissioner’s requirements is mailed or delivered to the insurer.
2. If an insurer fails to comply with the Commissioner’s requirements that are imposed pursuant to subsection 1, the insurer is deemed to be in hazardous financial condition and the Commissioner shall take one or more of the actions authorized by law as to insurers in hazardous financial condition.