Before any unauthorized insurer shall file or cause to be filed any pleading in any action, suit, or proceeding instituted against it, such unauthorized insurer shall either (1) deposit cash or securities with the clerk of the court in which such action, suit, or proceeding is pending, or file with such clerk a bond with good and sufficient sureties, to be approved by the court, in an amount to be fixed by the court sufficient to secure the payment of any final judgment which may be rendered in such actions; or (2) procure a certificate of authority to transact the business of insurance in this state.
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