The Commissioner may apply to the court for an order appointing the Commissioner as receiver or ancillary receiver and directing him or her to conserve the assets within this State, of a foreign insurer upon any of the following grounds:

1. (1) Upon any of the grounds specified in § 5905 or § 5906 of this title, or
2. (2) Upon the ground that its property has been sequestrated in its domiciliary sovereignty or in any other sovereignty.

18 Del. C. 1953, § 5907; 56 Del. Laws, c. 380, § 1; 70 Del. Laws, c. 186, § 1