(1) An insurer shall ensure that at all times it maintains a solvency margin not less than

(a) The solvency margin calculated in accordance with Regulations, or

(b) The solvency margin that the Commission may direct under subsection(2)

(4) An insurer that is required by a notice issued under subsection (1) to make a deposit with the Bank of Ghana is liable to pay to the Commission the pecuniary penalty stated in the First Schedule if it does not make the deposit within the time period specified in the notice.