(1) Subject to the provisions of this Act, the Minister may, in his discretion, grant or refuse an application for an assurance licence.
(2) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses for an assurance licence to carry on either or both of such businesses, the Minister shall, subject to the provisions of this Act, grant such application.
(3) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which on the 31st day of October, 1935, carried on in addition to life assurance business or industrial assurance business or both such businesses any other assurance business for an assurance licence to carry on such other assurance business, the Minister may grant such application if, but only if, he is satisfied that the assets of such company are sufficient to ena