(a) against loss by fire, until evidence satisfactory to the Superintendent has been filed with him that applications have been made for indemnity upon at least seventy-five separate risks in the Province or elsewhere, aggregating not less than one and one-half million dollars, as represented by executed contracts or bona fide applications to become concurrently effective;

(b) in respect of automobiles, until evidence satisfactory to the Superintendent has been filed with him that applications have been made for indemnity upon at least five hundred automobiles, as represented by executed contracts or bona fide applications, to become concurrently effective, and that arrangements satisfactory to the Superintendent are in effect for the reinsurance of all liabilities in excess of such limits as the Superintendent may prescribe.