The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following:
(1) Any ground for an order of rehabilitation as specified in § 58-29B-31, whether or not there has been a prior order directing the rehabilitation of the insurer;
(2) The insurer is insolvent; or
(3) The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.