26. Section 35M of the Insurance Act is amended by inserting, immediately after subsection (3), the following subsections:
“(3A) Subsection (1) shall not apply to —
(a)
a licensed financial adviser;
(b)
a person exempt from holding a financial adviser’s licence in respect of any financial advisory service under section 23(1)(a), (b), (c), (d) or (e) of the Financial Advisers Act (Cap. 110), other than a registered insurer; and
(c)
a representative of a person referred to in paragraph (a) or (b),
where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for a registered insurer.
(3B) Subsection (1) shall not apply to a registered insurer and any insurance agent acting for that insurer where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for another registered insurer.
(3C) Subsection (2) shall not apply to a registered insurer in relation to an insurance agent who is a person specified in subsection (3A) or (3B).”.