(1) An order to liquidate the business of a domestic insurer shall direct the Director of the Department of Consumer and Business Services forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer’s property and business in the name of the director or in the name of the insurer as the court may direct, and to give notice to all creditors who may have claims against the insurer to present such claims.
(2) The director may apply under this chapter for an order dissolving the corporate existence of a domestic insurer:
(a) Upon the application of the director for an order of liquidation of such insurer, or at any time after such order has been granted; or
(b) Upon the grounds specified in ORS 734.170 (3), regardless of whether an order of liquidation is sought or has been obtained.