Section 247
SEC. 247. If the Commissioner is of the opinion upon examination or other evidence that any domestic or foreign insurance company is in an unsound condition, or that it has failed to comply with the provisions of law or regulations obligatory upon it, or that its condition or method of business is such as to render its proceedings hazardous to the public or to its policyholders, or that its actual assets in the Philippines exclusive of its paid-up capital, in the case of a domestic company, or of its security deposits, in the case of a foreign company, do not exceed its liabilities, unearned premium and reinsurance reserves in the Philippines by whichever is the greater of five hundred thousand pesos and two per mille of its insurance in force as of the preceding calendar year, in the case of a life insurance company, or by whichever is the greater of five hundred thousand pesos and fifteen per centum of its net premium written during the preceding calendar year, in the case of a company other than a life insurance company, the Commissioner is authorized to suspend or revoke all certificates of authority granted to such insurance company, its officers and agents, and no new business shall thereafter be done by such company or for such company by its agents in the Philippines while such suspension, revocation or disability continues or until its authority to do business is restored by the Commissioner. Before restoring such authority, the Commissioner shall require the company concerned to submit to him a business plan showing the company's estimated receipts and disbursements, as well as the basis therefor, for the next succeeding three years.