standard of safety established by the State, at once
to cause a rigid examination in regard to all the
affairs of such company. In case it shall appear that
-there is no fraud, or gross incompetency, or reckless-
ness shown to exist in the management, he may,
upon publishing the facts in the case, permit such
company to continue in charge of its business for
one year; provided, there is, in his opinion, reason to
believe that tire company may eventually be able to
re-establish the legal net value of all its policies in
force. At the end of the year named above before
he may renew the permission, in case, on examina-
tion, he is satisfied that the company is likely to
retrieve its affairs; but in case the Insurance Com-
missioner does not permit the company to continue
in the control of its old business, it is hereby made
his duty to institute the necessary proceedings for
the protection of its policy holders in accordance
with the laws of this State, to publish the result of
the examination of the affairs of any company when-
ever he deems it for the interest of the public so to
do, in one or more papers of this State.
Eighth. He shall institute or cause to be instituted,
if approved by the Comptroller, the necessary pro-
ceedings under the laws of this State to close the
affairs of any company of the State which shall
appear to him, upon examination, to be insolvent or
fraudulently conducted; to report in detail, through
the Comptroller, to the Attorney General any viola-
tion of the laws relative to insurance companies,
their officers or agents, or the business of insurance;
to furnish to the companies required by this Act to
report to him the necessary blank forms for tire state-
ment required, and at the request of any person, and
on payment of the fee, to give certified copies of any
record or paper in his office, when he deems it not
prejudicial to public interest BO to do, and to give
such other certificates as this Act provides for.
Ninth. He shall preserve in permanent form a full
record of his proceedings, and a concise statement
of the condition of each company or agency visited
or examined, and report annually to the Comptroller,
on or before the first day of December, his official
44
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Proviso .
May renew
permission.
Institute pro-
ceedings to
close affairs.
Report any
violation of.
Preserve
record of his
proceedings.
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