27. Section 35N of the Insurance Act is amended —
(a)
by deleting the words “his representatives, in respect of contracts of life insurance” in subsection (2)(a) and substituting the words “its representatives, in respect of life policies, other than life policies with accident and health benefits and contracts for the reinsurance of liabilities under insurance policies”;
(b)
by deleting subsection (3) and substituting the following subsections:
“(3) Sections 35R, 35T, 35U and 35V shall not apply to a licensed financial adviser or an exempt financial adviser, or its representatives, in respect of life policies, other than contracts for the reinsurance of liabilities under insurance policies.
(4) Section 35TA shall not apply to a licensed financial adviser or an exempt financial adviser, or its representatives, in respect of life policies, other than life policies with accident and health benefits and contracts for the reinsurance of liabilities under insurance policies.”; and
(c)
by inserting, immediately after “35T,” in the section heading, “35TA,”.