(1) where the Commission is entitled to take enforcement action against at licensee, the Commission may issue a written directive to the insurer ordering the insurer

(a) to cease to engage in any class of insurance business,

(b) not to enter into any new contracts for any class of insurance business,

(d) to limit to a specified amount the aggregate premiums to be received by the insurer, whether before or after the deduction of reinsurance premiums payable by the insurer for reinsuring the liabilities in respect of which premiums are to be received,

(e) to refrain from making investments of a specified class or description,

(f) to realize, before the date that may be specified in the directive, the whole or a specified portion of investments of a specified type or description held by the insurer,

(g) cause an actuary or the other person that may be specified by the Commission to undertake an investigation into its financial position in respect of its business or any part of its business and to submit a report of the investigation to the Commission,

(h) to provide any return or other document it is obliged to file under this Act within a shorter period of time than that permitted under this Act, and

(i) to take the other action that the Commission considers may be necessary to protect the assets of the insurer or to protect, policyholders or potential policyholders of the insurer.

(2) Unless the Commission otherwise directs

(a) an investigation under subsection (V)(g) shall comply with the requirements that may be prescribed for an investigation under section 61(2), and

(b) the report of an investigation under subsection (V}(g) shall contain the information and be in a form that may be prescribed for a report prepared under section 61 (3); with the modifications that may be appropriate where the insurer carries on short term insurance business.

(3) An insurer that fails to comply with, or carries on business in contravention of, a directive issued by the Commission under this section commits an off