(1) A company that holds a licence as an insurance broker or insurance loss adjuster shall ensure that its capital is maintained in an amount not less than the prescribed minimum capital applicable to its licence.

(2) Where the capital of an insurance intermediary falls below the amount that is required to maintain under subsection (1), it shall immediately notify the commission in writing

(3) An insurance intermediary that contravenes subsection (1) or subsection (2) is liable to pay the commission the pecuniary penalty stated in the first schedule