33(2)In the case of an insurer undertaking contracts of life insurance, if its policy reserves, and in the case of any other insurer if its unearned premiums, in both cases, respecting outstanding contracts made or deemed to be made in the Province, together with any other liabilities in the Province, exceed its assets in the Province, including the deposit in the hands of the Superintendent, the assets of such insurer shall be deemed insufficient to justify its continuance in business within the meaning of subsection (1).