A company shall be deemed to be insolvent—
(a) in the case of a company carrying on only long term insurance business, if the value of its liabilities exceeds its assets;
(b) in the case of a company carrying on only general insurance business, if the excess of assets over liabilities is less than the greater of the following amounts, namely—
(i) $200,000, or
(ii) 20% of its premium income in respect of its general insurance business in its last preceding financial year;
(c) in the case of a company carrying on both long term insurance business and general insurance business, if the excess of its total assets over its total liabilities is less than the amount specified in paragraph (b).