1. If the director is of the opinion that a multiple employer self-insured health plan is in an unsound condition, that it has failed to comply with the law or any applicable regulations or orders issued by the director, or that it is in a condition which renders its proceedings hazardous to the public or to persons covered under the plan, the director may, after notice and opportunity for a hearing, revoke or suspend the license of the plan or, in lieu thereof, bring a civil action in the county which has venue of an action against the multiple employer self-insured health plan under other provisions of law. The court may impose a fine not to exceed fifty thousand dollars for each violation or ground.

2. If the director is of the opinion that any of the grounds set forth in subsection 1 of this section exist regarding a plan domiciled in this state, he may commence delinquency proceedings against the plan and supervise, rehabilitate, or liquidate such plan in accordance with the procedures set forth in sections 375.1150 to 375.1246.