Section 249
SEC. 249. Whenever, upon examination or other evidence, it shall be disclosed that the condition of any insurance company doing business in the Philippines is one of insolvency, or that its continuance in business would be hazardous to its policyholders and creditors, the Commissioner shall forthwith order the company to cease and desist from transacting business in the Philippines and shall designate a receiver to immediately take charge of its assets and 'liabilities, as expeditiously as possible collect and gather all the assets and administer the same for the benefit of its policyholders and creditors, and exercise all the powers necessary for these purposes including, but not limited to, bringing suits and foreclosing' mortgages in the name of the insurance company. The Commissioner shall thereupon determine within thirty days whether the insurance company may be reorganized or otherwise placed in such condition so that it way be permitted to resume business with safety to its policyholders and creditors and shall prescribe the conditions under which such resumption of business shall take place as well as the time for fulfillment of such conditions. In such case, the expenses and fees in the collection and administration of the insurance company shall be determined by the Commissioner and shall be paid out of the assets of such company. At any time within ten days after the Commissioner has taken charge of the assets of any insurance company, such company may apply to the Court of First Instance for an order requiring the Commissioner to show cause why its designated receiver should not be enjoined from continuing such charge of its assets, and the court may direct the Commissioner to refrain from further proceedings and to surrender charge of its assets. If the Commissioner shall determine that the insurance company cannot resume business with safety to its policy-holders and creditors, he shall, by the Solicitor General, file a petition in the Court of First Instance reciting the proceedings which have been taken and praying the assistance and supervision of the court in the liquidation of the affairs of the same. The Commissioner shall designate the receiver previously designated or some other competent and qualified person as liquidator who shall, under the supervision of the court and with all convenient speed, reinsure all its outstanding policies, convert the assets of the insurance company to money or sell, assign or otherwise dispose of the same to the policyholders, creditors and other parties for the purpose of settling the liabilities of such company.