—(1) The Authority shall not register any applicant under section 8 unless the applicant —
is a company as defined in the Companies Act (Cap. 50) or a company incorporated outside Singapore which has an established place of business in Singapore or is a society registered under the Co-operative Societies Act (Cap. 62);
has made the deposit under section 14; and
where it has a share capital its paid-up share capital is, or where it does not have a share capital the value of its assets exceeds the amount of its liabilities by, not less than such amount as may be prescribed.
(2) For the purposes of subsection (1)(c), the Authority may prescribe different amounts for different classes of insurance business or for different types of insurers.