The Insurance Commissioner may prohibit the use, by any domestic stock or mutual insurance company or association and the use in this Commonwealth by any foreign or alien stock or mutual insurance company or association, of a name when, in his judgment, it too closely resembles that of an existing company or association authorized to do business in this Commonwealth or is likely to confuse or mislead the public. This section shall not prevent any company or association authorized to do business in this Commonwealth on the effective date of this act from continuing thereafter the use of its full correct name on such date.