The Insurance Commissioner may apply to the court for an order appointing him as receiver or ancillary receiver, and directing him to conserve the assets within this state of a foreign insurer upon any of the following grounds:
1. Upon any of the grounds specified in sections 1805 or 1806 of this article, or
2. Upon the ground that its property has been sequestrated in its domiciliary sovereignty or in any other sovereignty.
Laws 1957, p. 295, § 1807; Laws 1975, c. 316, § 12, emerg. eff. June 12, 1975.