(a) Except as provided by Subsection (b), a conservator appointed under this chapter shall complete the conservator’s duties as required by this chapter not later than the 90th day after the date of appointment.
(b) If the commissioner issues written findings that there is a substantial likelihood of rehabilitation of the insurer in conservatorship, the commissioner may extend the conservatorship for additional successive 30-day periods. The total period of extensions may not exceed 180 consecutive days. A hearing is not required before the commissioner issues the findings.