(1) Subject to this Act, a company shall not be registered to carry on long term insurance business unless, if a local company it has a paid-up share capital of not less than $1,000,000, or if a foreign company it has a paid-up share capital of not less than $2,500,000 such capital to be fully paid up in cash, or in the case of a mutual company unless it has uncommitted reserves of at least $2,500,000.