The department may apply to the court for an order appointing it as receiver or ancillary receiver, and directing it 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 s. 631.051 or s. 631.061, or
2. (2) Upon the ground that its property has been sequestrated in its domiciliary sovereignty or in any other sovereignty.

History.--s. 723, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; ss. 184, 187, 188, ch. 91-108; s. 4, ch. 91-429.