Contravention

Where it appears to the Supervisor that the assets of any company fall below the requirements for solvency of section 50 and upon expiry of a period of thirty days given to the company to be heard by him, the Supervisor shall– (a) cancel the licence of the company; or (b) upon such terms and conditions as the Supervisor thinks proper, set a time within which the company shall make good the deficiency (the company’s licensing being continued in the meantime) and upon the company’s failure to make good such deficiency within the time so set, the licensing of the company shall be cancelled, but if the company’s assets are less than the liabilities including the unearned premiums calculated as provided in section 145, or if the company has contravened the requirements of section 146, its certificate of licensing shall be withdrawn.