ART. 23.] CORPORATIONS—INSURANCE COMMISSIONER. 325

value at that time or the future net premiums payable upon the
policy, as determined by the table of mortality and rate of inter-
est designated above.

Third. The insurance commissioner shall accept the valuation
made by the insurance commissioner of the State, tinder whose
authority a life insurance company is organized, or that of the
State in which it may elect to have its policies valued, when such
valuations have been properly made on sound and recognized
principles, and legal basis not less than that prescribed above;
provided, that the company shall furnish to the insurance com-
missioner of this State, a certificate from the insurance commis-
sioner of such State, setting forth the value, calculated on the

data designated above, of all the policies in force in the company
on the previous thirty-first day of December, and stating that said

company is fully authorized to do business in its own State; and

every life insurance company doing business in this State during

the 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 commis,
sioner 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 commis-
sioner, after having ascertained the amount of the net values of
all the policies 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
hereafter prescribed in this act, 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 the company is below the legal standard of
solvency established by this State, and he shall require the com-
pany at once to cease doing new business; and he shall immedi-
ately institute such proceedings as are necessary to protect the