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 any alien insurer upon any of the following grounds:
1. Upon any of the grounds specified in sections 1805 or 1806 of this article.
2. Upon the ground that the insurer has failed to comply, within the time designated by the Insurance Commissioner, with an order made by him to make good an impairment of its trusteed funds, or
3. Upon the ground that the property of the insurer has been sequestrated in its domiciliary sovereignty or elsewhere.
Laws 1957, p. 295, § 1808; Laws 1975, c. 316, § 12, emerg. eff. June 12, 1975.