Whenever it shall appear to the commissioner of insurance of this state that any insurance company incorporated in this state, or incorporated out of this state but doing business herein, (1) is insolvent, or (2) is in such condition that its further transaction of business will be hazardous to its policyholders, to its creditors, or to the public, or (3) has been placed in receivership or liquidation or rehabilitation in some other state or jurisdiction, it shall be his duty to file a petition in the chancery court of the proper county, setting up the facts and praying the appointment of a receiver for such company. If any of said grounds shall exist and the commissioner shall neglect to file such petition, then it may be filed by the attorney general. All laws of this state with respect to receivers shall apply in such proceeding, except that no application for the appointment of a receiver of any insurance company shall be entertained by any court unless filed by one of said officials.
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