Clause 6

by deleting the words “other than a registered insurer shall, without the written consent of the Authority” in subsection (1) and substituting the words “, other than a registered insurer, an authorised reinsurer or a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B, shall”;

by inserting, immediately after subsection (1), the following subsections:“(1A) Subject to subsection (1B), no person shall —

use the word “insurance” or any of its derivatives in any language, or any other word, that indicates that the person carries on business as an insurance intermediary in the name, description or title under which it carries on business in Singapore; or

make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.(1B) Subsection (1A) shall not apply to —

a registered insurance broker;

a person exempt from registration as an insurance broker under section 35ZN(1)(a), (b), (c), (d), (e) or (ea) who has notified the Authority, in such manner as may be prescribed under section 64(1), of his commencement of insurance broking business;

a licensed financial adviser or an exempt financial adviser, which provides any financial advisory service in respect of life policies;

an insurance agent operating under an agreement in writing pursuant to section 35M;

an insurance agent to whom section 35M does not apply;

an agent of a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B; or

such other person as may be prescribed.”; and

by deleting the words “subsection (1)” in subsection (3) and substituting the words “subsection (1) or (1A)”.