Before any insurance company, association, or other insurer not incorporated or authorized under the laws of this state shall file or cause to be filed in any action, suit or other proceeding instituted against it any answer or other pleading, the insurance company, association, or other insurer aforesaid shall either:

(1) Deposit with the clerk of the court in which the action, suit or proceeding is pending, cash or securities, or shall file with the clerk a bond with good and sufficient sureties to be approved by the court, in any amount to be fixed by the court sufficient to secure the payment of any final judgment which may be rendered against it in the action, together with costs thereof; provided, however, that the court may in its discretion make an order dispensing with the deposit or bond where the insurer makes a showing satisfactory to the court that^* it maintains in a state of the United States funds or securities, in trust or otherwise, sufficient and available to satisfy any final judgment which may be entered in the action, suit or proceedings; or

(2) Shall procure a certificate of authority to transact the business of insurance in this state.