The Director of the Department of Consumer and Business Services may apply for an order directing the director to conserve the assets within this state of a foreign or alien insurer upon any one or more of the following grounds:
(1) Any of the grounds specified in ORS 734.150; or
(2) That its property has been sequestrated in any jurisdiction. [1967 c.359 §273; 1993 c.447 §98]