—(1) No person shall carry on business as any type of insurance broker in Singapore unless —
the person is registered by the Authority as that type of insurance broker; or
the person is exempted from registration under section 35ZN.
[23/2003 wef 01/01/2004]
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part thereof during which the offence continues after conviction.