ART. 23] INSURANCE DEPARTMENT. 219

year for which the statement is made that fails promptly to furnish
the certificate aforesaid shall be required to make a full detailed list
of its policies and securities to the insurance commissioner of this State,
who shall thereupon cause the same to be valued at the expense of said
company.

Fourth. And it shall be the duty of the insurance commissioner,
after having ascertained the amount of the net values of all of the poli-
cies in force, to see that the company has that amount in safe legal
securities of the description and character hereinafter provided for in
this article, after all its other debts and claims against it, including
those resisted by the company, but exclusive of capital stock, have been
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 con-
dition of the affairs of such company is below the legal standard of sol-
vency 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 com-
pany is permitted to insure lives in this State whose charter authorises,
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 pro-
ceedings 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;
provided, however, in case it shall appear that there is no fraud or
gross incompetency or recklessness in the management of said com-
pany, he may give the said company ninety days from the time of
the completion of said examination, prior to the institution of the pro-
ceedings as hereinbefore provided, within which to re-establish its
solvency, according to the legal standard of solvency established by this
State.