—(1) The following persons (referred to in this section as exempt insurance brokers) shall be exempt from registration as insurance brokers:
a bank licensed under the Banking Act (Cap. 19);
a merchant bank approved as a financial institution and approved to carry on business as an insurance broker under the Monetary Authority of Singapore Act (Cap. 186);
a licensed financial adviser under the Financial Advisers Act (Cap. 110);
a holder of a capital markets services licence under the Securities and Futures Act (Cap. 289);
a finance company which has been granted an exemption from section 25(2) of the Finance Companies Act (Cap. 108) to carry on business as an insurance broker;
a direct insurer licensed to carry on life business; and
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such other persons or class of persons as may be prescribed, subject to such conditions as the Authority may impose.
(2) Subject to this Act, sections 35ZD, 35ZE, 35ZF and 35ZH shall, with the necessary modifications, apply to the persons referred to in subsection (1) (other than persons referred to in subsection (1)(f)) in respect of their business as insurance brokers as if they are registered insurance brokers.
(2A) For the avoidance of doubt, references in subsection (2) to specific sections in this Act that apply to the persons referred to in that subsection do not include references to any regulations made under those sections unless the Authority prescribes that such regulations so apply.
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(3) The Authority may prescribe or specify in directions the provisions of this Act that apply to the persons referred to in subsection (1)(f).
(4) The Authority may by written directions impose such conditions or restrictions as it deems fit on an exempt insurance broker or a class of exempt insurance brokers.
(5) The Authority may withdraw an exemption granted to any person under this section if the person contravenes any provision of this Act applicable to him or if the Authority considers it necessary in the public interest.
(6) A withdrawal of an exemption under subsection (5) shall not operate so as to —
avoid or affect any agreement, transaction or arrangement, relating to any contract of insurance entered into by the person, whether the agreement, transaction or arrangement was entered into before or after the withdrawal of the exemption; or
affect any right, obligation or liability arising under any agreement, transaction or arrangement referred to in paragraph (a).
(7) Any exempt insurance broker who is aggrieved by a decision of the Authority to withdraw the exemption under subsection (5) may, within 30 days of the decision, appeal in writing to the Minister in accordance with Part IIIB.
(8) Any exempt insurance broker who contravenes any condition or restriction imposed by the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction.