The Oregon Health Authority may apply for an order directing the authority to liquidate the business of a coordinated care organization, regardless of whether there has been a prior order directing the authority to rehabilitate the coordinated care organization, upon any of the grounds specified in ORS 415.280, or if the coordinated care organization:
(1) Has ceased transacting business for a period of one year;
(2) Under any laws except ORS 415.203 to 415.430 or rules adopted pursuant to ORS 415.011, has:
(a) Commenced voluntary liquidation or dissolution;
(b) Attempted to commence or prosecute an action or proceeding to liquidate its business or affairs;
(c) Commenced dissolving its corporate charter; or
(d) Commenced procuring the appointment of a receiver, trustee, custodian, or sequestrator; or
(3) Is insolvent.