ART. 23] INSURANCE COMMISSIONER. 601

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 authorizes it to do fire, marine or inland insur-
ance 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 sol-
vency established by this State at once to cause a rigid exami-
nation in regard to all the affairs of such company. In case it
shall appear that said company is in such a condition 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 busi-
ness; and it is hereby made his duty to at once institute the
necessary proceedings 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, when-
ever 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 incom-
petency or recklessness in the management of said company, he
may give the said company ninety days from the time of the
completion of said examination, prior to the institution of the
proceedings as hereinbefore provided, within which to re-estab-
lish its solvency, according to the legal standard of solvency
established by this State.

Sixth. Before granting certificates of authority to an insur-
ance company to issue policies or make contracts of insurance,
he shall be satisfied 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 person-
ally, or by his deputy, or by some competent person or persons,
to be by him appointed, visit the principal office of every insur-
ance company organized under the laws of this State, and thor-
oughly inspect and examine its affairs, especially as to its
financial condition and ability to fulfill its obligations, and ascer-
tain and determine whether or not it has complied with the
laws of this State; he shall also make an examination of every
such company whenever he deems it prudent to do so, or
upon the request of five or more of the stockholders, creditors,