37. Section 35ZJ of the Insurance Act is amended —
by inserting, immediately after subsection (1), the following subsection:
“(1A) Where a registered insurance broker has obtained the approval of the Authority to appoint a person as its chief executive officer or director under subsection (1), the person may be re-appointed as chief executive officer or director, as the case may be, of the registered insurance broker immediately upon the expiry of the earlier term without the approval of the Authority.”; and
by inserting, immediately after the words “his functions” in subsection (2), the words “or is no longer a fit and proper person to be so appointed”.