Section 4
SEC. 4. Section One hundred seventy-five of the same Act is further amended to read as follows: "SEC. 175. If the Insurance Commission is of the opinion upon examination or other evidence "that any foreign or domestic insurance company is in an unsound condition, or that it has failed to comply with any provision of law or regulations obligatory upon it, or that in the opinion of the Insurance Commission, its condition or method of business is such as to render its proceedings hazardous to the public or to its policy holder or that its actual assets exclusive of its capital are less than its liabilities, unearned premiums and reinsurance reserve, the Insurance Commission is authorized to revoke or suspend all certificates of authority granted to such insurance company, its officers or agents, and no new business shall thereafter be done by such company or for such company by its' agents in the Philippines while such revocation, suspension or disability continues or until its authority to do business is resorted by the Insurance Commission. "The Insurance Commission is further authorized, after giving such opportunity to the company to be heard as it thinks fit, to appoint an administrator to manage the affairs and property of such company. "The administrator so appointed shall receive from the insurance company concerned such remuneration as the Insurance Commission may direct and the Insurance Commission may at any time cancel the appointment and appoint some other person as administrator. "The administrator shall continue the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as possible, file with the Insurance Commission a report stating which of the following courses of action is under the circumstances most advantageous to the general interest of the policy holders, namely: (a) the transfer of the business of the insurance company to another insurance company; (b) the continuance of the business by the insurance company; (c) the liquidation of the insurance company; or (d) such other course of action as it deems advisable. "On the filing of the report with the Insurance Commission, the Insurance Commission may take such action as it thinks fit for promoting the interest of the policyholders in general. "The administrator may be another insurance company doing business in the Philippines, any officer of such company, or any other competent and qualified person or persons. "The administrator shall not be subject to any action, claim or demand by, or liability to, any person in respect of anything done or omitted to be done in good faith in the exercise, or in connection with the exercise, of the powers conferred on the administrator. "Any order issued by the Insurance Commission under this section shall be binding on all persons, concerned, and shall have effect notwithstanding any provision in the articles of incorporation or by-laws of the insurance company. "Subject to the provisions of existing law and regulations on the matter, any domestic insurance company may, with the approval of the Insurance Commission consolidate or merge with any other domestic insurance company."