1256

(a) An order to liquidate the business of a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer's property and business in his own name as Commissioner or in the name of the insurer as the court may direct, to give notice to all creditors who may have claims against the insurer to present such claims.\n(b) The Commissioner may apply under this chapter for an order dissolving the corporate existence of a domestic insurer—\n(1) upon his application for an order of liquidation of such insurer, or at any time after such order has been granted; or\n(2) upon the grounds specified in paragraph (3) of section 1255 of this title regardless of whether an order of liquidation is sought or has been obtained.