25(2)A licence shall not be issued to an insurer mentioned in paragraph 23(1)(
b), (
c), or (
f), other than a provincial mutual company, except upon proof that the net surplus of assets over all liabilities exceeds the amount fixed by subsection (1) for the paid in capital stock of joint stock insurance companies, and that such net surplus of assets over all liabilities together with the contingent liability of members, if any, exceeds the amount fixed by subsection (1) for the subscribed and allotted capital stock of joint stock insurance companies for the respective classes of insurance mentioned therein.