(1) Whenever an application is duly made in accordance with this Act by an assurance company or a syndicate for an assurance licence, the Minister may (without prejudice to any other power of refusal conferred on him by this Act) refuse such application -
(a) if such company or the Committee of Lloyd's (as the case may be) has not complied with the provisions of this Part of this Act relating to the deposit of moneys with the Accountant of the Courts of Justice, or
(b) if it appears to the Minister that there is reasonable ground for believing that such company is insolvent.
(2) Whenever the Minister grants to an assurance company an assurance licence to carry on life assurance business or industrial assurance business or both those businesses, the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on any other class of assurance business, save where the grant of the licence so applied for is expressly