(1) Where an assurance company has, pursuant to the Assurance Companies (Deposit of Securities) Rules a deposit with the Accountant of the Courts of Justice in respect of any class of assurance business and such assurance company is not required by subsection (1) of section 22 of the Act of 1936 to maintain a deposit in respect of such class of assurance business, the High Court may, on the application of such assurance company, if it is satisfied that the liabilities of such assurance company within the State in respect of such class of assurance business have been met and discharged or otherwise adequately provided for, order the deposit to be paid or transferred out of Court and returned to such assurance company or make such other order as the Court shall direct.
(2) Notice of any application to the High Court under this Rule shall be given by the assurance company to the Minister.