Palache v. Pacific Insurance

Citations

• 42 Cal. 418

Syllabus

<p>Bequisitioh oh Ihsubahce Compahy to Bbpaib Capital Stock.—The Insurance Commissioner may, under the Act of March 26th, 1868, creating his office (Stats. 1867-8, p. 336), legally require an insurance company, ascertained by him to be insolvent, as therein provided, to repair its capital stock without revoking its certificate.</p> <p>Statutoby Cohstbuctioh—Gehebal Tehob ahd Scope oe Legislative Scheme.—In the construction of statutes for the purpose of ascertaining the legislative intent, regard is to be had not so much to the exact phraseology in which that intent has been expressed as to the general tenor and scope of the entire legislative scheme embodied in the statute.</p> <p>Ihsubahce Commissioheb’s Powebs — Bequisitioh to Eepaib Stock without Eevocatioh of Cebtificate.—The Act relating to the office, powers, and duties of Insurance Commissioner (Stats. 1867-8, p. 336) plainly distinguishes between the effect of a revocation of a certificate by such Commissioner and a requisition by him to repair capital stock; and it does not oblige him to make a revocation before he can require a repair.</p> <p>Duties of Ihsubahce Commissioheb—Discbetioh.—The duties imposed upon the Insurance Commissioner, though generally defined by the Act creating his office (Stats. 1867-8, p. 336), are in their nature largely discretionary, and depend for their efficient performance in a great degree upon the exercise of an enlightened and careful discrimination with reference to the circumstances of the particular case with which he has to deal.</p> <p>No Limit to Assessmbhts by Ihsubahce Compahies wheh Bequibed to Eepaib Capital Stock.—The limitation of five per cent in the imposition of assessments upon the capital stock of corporations, as provided by the Act of March 26th, 1866 (Stats. 1865-6, p. 458), has no application to assessments made by an insurance company, in response to a requisition of the Insurance Commissioner, under the Act of March 26th, 1868 (Stats. 1867-8, p. 336),