(a) On the commissioner’s own motion or the motion of a party of record, a hearing may be scheduled relating to an insurer under supervision after at least 10 days’ written notice to each party of record. Notice may be waived by the parties of record.
(b) The commissioner shall place the insurer in conservatorship if, after the hearing, it is determined that the insurer:
(1) failed to comply with the commissioner’s requirements;
(2) has not been rehabilitated;
(3) is insolvent; or
(4) appears to have exceeded the insurer’s powers.

(c) The commissioner may release the insurer from supervision if, after the hearing, it is determined that the insurer:
(1) has been rehabilitated; or
(2) is no longer in a condition that makes the insurer’s continuation in business hazardous to the public or to the insurer’s policyholders or certificate holders.