The chief inspector appointed under said ordinance and act of assembly is hereby authorized and required to accept the certificates of inspection of said steam-boiler insurance company in lieu of the examination now required by law, and to indorse his approval confirming the same, or give a receipt therefor, for which service he shall receive a fee of one dollar in each case; and any person or persons possessing such certificate, indorsed as hereinbefore mentioned, or a receipt therefor as hereinafter prescribed, the same being unrevoked, shall be exempt from the pains and penalties of the above recited act of assembly and ordinance passed in pursuance thereof: Provided, nevertheless, That where the inspectors of said company shall decline to continue an insurance, or shall cancel the certificate of inspection in consequence of the failure of the party to comply with the requirements of the said act of assembly or ordinance, or in consequence of the insecure character, imperfect safeguards or careless management of any stationary steam-engine or boiler, they shall forthwith notify the chief inspector of said city in writing of the refusal and grounds therefor.
53 P.S. § 16592