The Bank may require a licensed insurer or an association of licensed life or general insurers-
(a) to review the premium rates of a description of life or general policy on the basis of the insurance claims experience of the licensed insurer or all licensed insurers or other factors relevant to the determination of premium rates; or
(b) to justify its premium rates for a description of life or general policy and the Bank, if it considers fit, may direct the licensed insurer to increase or reduce the premium rates.