ART. 23] INSURANCE COMMISSIONER. 615

provided for; and in case it is found that any life insurance company
doing business in this State has not on hand, after deducting all debts
and claims against it, exclusive of capital stock, an amount of assets
of the character hereinafter prescribed in this article equal in value
to the net present value of all its policies in force, it shall be the duty
of the insurance commissioner to publish the fact that the existing
condition of the affairs of such company is below the legal standard of
solvency established by this State, and he shall require the company
at once to cease doing new business, and he shall immediately institute
such proceedings as are necessary to protect the rights of all persons
interested in said company; and it shall be his duty to see that no
company is permitted to insure lives in this State whose charter author-
izes it to do fire, marine or inland insurance business.

Fifth. It shall be the duty of the insurance commissioner, after he
has notified a life insurance company, organized under the authority
of this State, to cease doing new business on account of its condition
being below the legal standard of solvency established by this State at
once to cause a rigid examination in regard to all the affairs of such
company. In case it shall appear that said company is in such a con-
dition as to fall below the legal standard of solvency established by this
State, then in that event the said insurance commissioner shall not
permit the said company to continue in the control of its business; and
it is hereby made his duty to at once institute the necessary proceed-
ings for the protection of its policy-holders in accordance with the laws
of this State, and to publish the results of the examination of the affairs
of such company, whenever he may deem it for the interest of the
public so to do, in one or more papers published in this State; pro-
vided, however, in case it shall appear that there is no fraud or gross
iucompetency or recklessness in the management of said company, he
may give the said company ninety days from the time of the comple-
tion of said examination, prior to the institution of the proceedings as
hereinbefore provided, within which to re-establish its solvency, accord-
ing to the legal standard of solvency established by this State.

Sixth. Before granting certificates of authority to an insurance com-
pany to issue policies or make contracts of insurance, he shall be satis-
fied by such examination and evidence as he sees fit to make and
require, that such company is otherwise duly qualified under the laws
of this State to transact business therein; once at least during his
term of office he shall personally, or by his deputy, or by some com-
petent person or persons, to be by him appointed, visit the principal
office of every insurance company organized under the laws of this
State, and thoroughly inspect and examine its affairs, especially as to
its financial condition and ability to fulfill its obligations, and ascertain
and determine whether or not it has complied with the laws of this
State; he shall also make an examination of every such company when-
ever he deems it prudent to do so, or upon the request of five or more
of the stockholders, creditors, policy-holders or persons pecuniarily