If a domiciliary receiver, conservator, or liquidator has been appointed for an insurer not domiciled in this state, the director may file a petition with the circuit court of Hughes County requesting appointment as ancillary receiver in this state:

1. (1) If the director finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver; or
2. (2) If the protection of creditors or policyholders in this state so requires.

Source: SL 1989, ch 436 , § 147; SL 2008, ch 271 , § 4.