Where after considering the report of the actuary appointed under section 126 the Registrar is satisfied that the paid-up capital of the company has ceased to be an important factor in safeguarding the interests of the policy holders of the company, having regard to—
(a) the quality and amount of the assets of the company;
(b) the surplus of the assets of the company relative to its liabilities;
(c) the nature of the business carried on by the company; and
(d) any other considerations which the Registrar may consider relevant,
the Registrar may approve the application referred to in section 125.