Matter of People (Inter. Reinsurance Corp.).

Determination of the controversy here hangs primarily upon a construction of section 54, subdivision 7, of the Workmen’s Compensation Law (Cons. Laws, ch. 67), and of a bond and deposit of securities made pursuant thereto. So far as material, the text of the statute is as follows;

“ 7. Limitation of the issuance of policies by a foreign insurance company. No policy or contract of insurance issued by a foreign stock corporation or mutual association authorized to transact the business of workmen’s compensation insurance in this state * * * shall be accepted * * * unless such foreign stock…