Seizure order, director may petition for, when — effects

1. The director may file in a court of this state a petition alleging, with respect to a domestic insurer: (1) That there exist any grounds that would justify a court order for a formal delinquency proceeding against an insurer under sections 375.1150 to 375.1246; (2) That the interest of policyholders, creditors or the public will be endangered by delay. 2. Upon the filing under subsection 1 of this section, the court may issue forthwith, ex parte and without a hearing, an order which shall direct the director to secure and take immediate possession and control of the property, books, accounts, documents, and other records of an insurer, and of the premises occupied by it for transaction of its business; and until further order of the court enjoin the insurer and its officers, managers, agents, and employees from disposition of its property and from the transaction of its business except with the written consent of the director. 3. The court shall specify within the order its duration, which shall be such time as the court deems necessary for the director to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may from time to time hold such hearings after such notice as it deems appropriate, and may extend, shorten, or modify the terms of the seizure order. The court shall vacate the seizure order if the director fails to commence a formal proceeding under the act* after having had a reasonable opportunity to do so. An order of the court made pursuant to a formal proceeding under sections 375.1150 to 375.1246 shall vacate the seizure order. 4. Entry of a seizure order under this section shall not constitute an anticipatory breach of contract of the insurer. 5. An insurer subject to an ex parte order under this section may petition the court at any time after the issuance of such order for a hearing and review of the order. The court shall hold such a hearing and review not more than fifteen days after the request. 6. If, at any time after the issuance of such an order, it appears to the court that any person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the court may order that notice be given. An order that notice be given shall not stay the effect of any order previously issued by the court.