(a) If no domiciliary receiver has been appointed, the commissioner may apply to the Commonwealth Court by verified petition for an order directing him to liquidate the assets found in this Commonwealth of a foreign insurer or an alien insurer not domiciled in this Commonwealth, on any of the following grounds:

(b) If it shall appear to the court that the best interests of creditors, policyholders and the public require, the court may issue an order to liquidate in whatever terms it shall deem appropriate. The filing or recording of the order with the clerk of the Commonwealth Court shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.

(c) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under section 556.³ If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under section 556.

(d) On the same grounds as are specified in subsection (a), the commissioner may petition any appropriate Federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this Commonwealth. The commissioner may accept appointment as Federal receiver if another person files a petition.