(1) Without limiting the scope of section 22, the Commission may by written notice require an applicant either prior to the issue of a licence or as condition of granting the licence

(a) to increase its capital to an amount greater than the minimum, or

(b) to maintain a solvency margin greater than me minimum.

(2) A notice under subsection (1) takes effect as a direction under section 69 (2) or section 71 (2) as the case may be, upon the issue of a licence to the applicant.