(1) Where the Registrar is satisfied that by reason of depreciation in the value of securities or for any other cause the value of monies and prescribed securities deposited by or on behalf of an insurer or insurance broker falls short of the value required by this Act he or she shall, by notice in writing require within a period not exceeding 3 months the insurer or insurance broker to deposit with him or her monies or approved securities or both to the value deemed by him or her to be sufficient to bring the amount of the deposit to the value required.
(2) A notice under subsection (1) shall not be issued until the Registrar has given an opportunity to the insurer or insurance broker to be heard in connection with the matter.