600 CORPORATIONS. [ART. 23

value at the attained age upon the basis adopted for the valua-
tion as above provided of the sum insured less the present
value determined upon, the same basis of the future net pre-
miums payable upon the policy; and in all certificates of valu-
ation issued by the insurance commissioner or accepted by him
under the provisions of sub-section third, the basis upon which
the valuation has been made shall be expressed.

Third. The insurance commissioner shall accept the valua-
tion made by the insurance commissioners of the State, under
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 pre-
scribed above; provided, that the company shall furnish to the
insurance commissioner of this State a certificate from the
insurance commissioners 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 Decem-
ber, and stating that the 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 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 commis-
sioner, after having ascertained the amount of the net values of
all of 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 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 estab-
lished by this State, and he shall require the company at once
to cease doing new business, and he shall immediately institute