1. Before any unauthorized insurance company files or causes to be filed any pleading in any court action, suit or proceeding or in any notice, order, pleading, or process in such administrative proceeding before the director instituted against such person or insurance company, by services made and provided in section 375.788, such insurance company shall either:

(1) Deposit with the clerk of the court in which such action, suit, or proceeding is pending, or with the director of the department of commerce and insurance in administrative proceedings before the director, cash or securities, or file with such clerk or director a bond with good and sufficient sureties, to be approved by the clerk or director in an amount to be fixed by the court or director sufficient to secure the payment of any final judgment which may be rendered in such action or administrative proceeding;

(2) Procure a certificate of authority to transact the business of insurance in this state. In considering the application of an insurance company for a certificate of authority, for the purposes of this paragraph the director need not assert the provisions of section 375.916 against such insurance company with respect to its application if he determines that such insurance company would otherwise comply with the requirements for such certificate of authority.

2. The director of the department of commerce and insurance, in any administrative proceeding in which service is made as provided in section 375.788, may, in his discretion, order such postponement as may be necessary to afford the defendant reasonable opportunity to comply with the provisions of this section and to defend such action.

3. Nothing in this section shall be construed to prevent an unauthorized insurance company from filing a motion to quash a writ or to set aside service thereof made in the manner provided in section 375.788 on the ground that such unauthorized insurance company has not done any of the acts enumerated in section 375.786.